Key takeaways
- Binance’s BNB is down 1% despite other leading cryptocurrencies performing positively.
- The coin could retest the $820 low before rallying above $900.
BNB stays above $850 as the market looks to recovery
BNB, the native coin of the Binance ecosystem, is down less than 1% in the last 24 hours despite the broader market embarking on a mini recovery. Its poor performance means that BNB is still trading around $250 while BTC, SOL, BCH, and XRP move higher.
The stable price action also comes despite Binance announcing that it has launched its Mexican entity Medá. According to the crypto exchange, Medá is registered as an Electronic Payment Funds Institution. The new entity will also operate as an independent division focused on advancing fintech services for Binance throughout Latin America.
Binance has also committed a $53 million investment in the new entity over the next four years. The positive news of Binance expanding its operations in Latin America didn’t do much for its price in the near term.
BNB could retest $820 before rallying higher
The BNB/USD 4-hour chart is bullish and efficient as BNB reached a new all-time high of $900 ten days ago. The recent ATH means that the momentum indicators remain bullish.
The RSI of 46 shows that BNB is facing selling pressure, while the MACD lines have crossed into the bearish territory. If the selling pressure continues, BNB could retest the TLQ and support level at $820 over the next few hours.
The liquidity resting at the $820 TLQ could provide the necessary push for BNB to retest the $900 high once again. However, failure to protect the $820 low could see BNB drop to the $792 support region.
Any move towards $900 would allow BNB to rally towards the $1,000 psychological, setting up a new all-time high in the process.
