Binance Coin (BNB) Faces Sell-off Threat, Here Are Key Levels to Watch

The crypto market is still very volatile as the combined capitalization dropped by 1.98% to $2.91 trillion, with a mild drawdown from Bitcoin and altcoins like Binance Coin (BNB). The BNB price is in pursuit of stability as bulls fight to maintain the psychologically important level around $600 after facing rejection at this level a few times over the past 24 hours, 

Binance Coin resilience

At the time of writing, data from CoinMarketCap shows the BNB price was $599.20, down marginally by 0.28% over 24 hours. The coin’s price action over the past 90 days shows mild prospects for growth relative to its rivals.

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In seven days, Binance Coin has kept 4.81% of its value, with 4.33% in 30 days. However, the coin trades below 19.56% of its gains in 90 days. As a utility token of the Binance exchange, BNB has a ready market backing the coin despite uncertainty in the altcoin market.

With the sell-off pressure still visible, BNB has formed an immediate pivot point at $600 with a near resistance zone at $605. Should the bearish pressure prevail, the coin’s support might be at the $590 level.

BNB spotlight good for hype

Over the past few weeks, Binance Coin has been in the spotlight, mostly due to publicity from Changpeng “CZ” Zhao. While the coin ranks as the fifth largest asset by market capitalization, it remains prone to community hype.

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In February, Binance Coin benefited from the meme coin spotlight within the BNB Chain ecosystem when CZ announced tokens created after his dog. BNB Chain has previously served as a hub for meme coins, with Binance Coin benefiting from pushing its price to an all-time high of $793.

Despite the current sell-off scare, BNB is teased as one of the coins that might outperform Bitcoin when the altcoin season finally emerges.