Binance Coin is having a hard time trading above $300 despite Binance snapping up most of the global crypto trade volume after FTX’s implosion.

Crypto exchange Binance saw its trade volume surge in November after the collapse of FTX. Trading activity on Binance experienced a massive 30% increment as FTX faced its liquidity crunch, which initially resulted in the halting of withdrawals and ended with the complete bankruptcy filing.

The surge in trading activity on Binance was captured by the team at Kaiko Research in their latest market report, which explained that Coinbase and Kraken also experienced increased activity.

‘Monthly trade volume jumped by 23% to $705B for the largest exchanges in November, bolstered by FTX-related volatility. The increase was mainly driven by Binance, which registered a 30% increase in trading activity. Coinbase and Kraken also saw their volume rise while smaller exchanges’ volume fell,’ the Kaiko team stated.

BNB Sentiment Remans Bearish

However, the increment in trade volume at Binance has not directly impacted the price of BNB. The team at Kaiko pointed out that negative sentiment surrounding BNB continues to persist. They highlighted BNB’s negative funding rates and a rise in open interest, hinting that more short positions are being taken than long ones.

Binance Coin Struggles to Maintain the $300 Psychological Support, Could Drop to $250

Further checking the one-day BNB/USDT chart below, it can be observed that BNB has lost its crucial psychological support at the $300 price level and entered into bearish territory.

The digital asset is trading at $288 and looks set to drop towards its 200-day (green) moving average at the $280 price area. If this support fails to hold, selling pressure could increase, resulting in BNB rapidly retesting its $250 support zone.

Furthermore, BNB’s one-day MACD, MFI (green) and RSI (red) all indicate a continuation of the bearish trend for the first few weeks of December. If something drastic happens in the crypto verse or Bitcoin dumps hard during this time, BNB could be looking at $220 or even $200 as the next level of macro support.

（By John P. Njui）