Aaryamann Shrivastava
FXStreet
- Binance Coin price is in a downtrend, heading toward its immediate support of $260.
- The crypto exchange received its Financial Services Permission (FSP) license on November 16 to offer crypto services in Abu Dhabi.
- If the bullish outlook sticks, Binance Coin would be testing its immediate resistance at $280.
Binance Coin price initially enjoyed bullishness from its possible acquisition of FTX. However, as the talks broke down, BNB, along with the rest of the crypto market, crashed. The exchange token now needs a solid push which could be achieved if buying pressure increases, though the outlook looks rather bleak at the moment.
Binance Coin price to receive support from the exchange
Binance Coin price is in a steady downtrend, with the cryptocurrency currently trading at $269. While investors' buying is crucial for its recovery, it could also receive some support from news about Binance itself.
The exchange received its Financial Services Permission (FSP) license from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). This will allow Binance to offer crypto service in the market, provided the exchange meets the requirements and guidelines of the FSRA.
Should it encourage bulls, Binance Coin price could spike to breach the immediate resistance range extending from $280 to $285. Reclaiming this range would allow BNB to flip the $290 hurdle into a support floor and extend the run-up to $311. This move would constitute a 15.88% gain for traders and is likely where the upside is capped.
BNBUSD 8-hour chart
However, since the fear of contagion continues to loom over the crypto market, the Binance Coin price is vulnerable to a decline. If bearish pressure were to build up, BNB could fall to tag the immediate support at $260.
A daily candlestick close below this level could trigger a sell-off at the hands of panicked investors resulting in a 6% crash to $245. A revisit to this critical support level would bring Binance Coin price to a four-month low.
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