BNB remains locked in a price range, but maintaining an interesting bullish intention

The price of the BNB cryptocurrency is in a price range with no clear direction, but there are previous bullish signs that hold.

After profiting from the FTX crash, the BNB cryptocurrency moved back into a previous price range, invalidating what looked like a bullish continuation.

Now, the short-term situation is not entirely clear; however, the intent to resume the long-term uptrend remains, so there is still hope for a rally to come.

At the time of this writing, BNB is trading at $295.4, losing 3.93% in the last 24 hours, but maintaining a gain of 12.82% in the last 7 days.

BNB Price Technical Analysis – Daily Chart

Today on the daily candlestick chart we see a short-term bullish setup, thanks to the higher low that price recently made.

Because of this, we are likely to see a rally in the next few hours/days.

However, the gains we can expect in the very short term will remain within a broader price range, which extends to $400, although we can say that the first strong resistance is really at $336.

If we talk about support, we can note that the price currently rests on $294. Losing this level would change the bullish scenario I expect for BNB this week.

However, the most relevant support is at $258. There we saw the price bounce four times recently.

In the weekly chart of BNB we can see a very interesting bullish scenario

After a long corrective period, in which the price bounced four times off a support at $210, BNB recently seemed to want to put this process behind it, traversing a trend line that remained intact for almost a year.

However, the FTX crash and the fear that this instilled in the crypto market seems to have postponed the rally of this cryptocurrency.

According to a survey, only 8% of Americans have a positive view of cryptocurrencies

Even with what happened, BNB has resisted the turbulence with great determination, keeping the bullish scenario in force, respecting the immediate support located at $259.

If it continues like this, and then manages to break above the resistance at $336, it is very likely that we will see a significant price rally.

Otherwise, if the great support at $210 is lost, the scenario would be quite pessimistic, at least for the short term. For now there is no need to fear.