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Binance Coin (BNB) Faces Sideways Movement, Bears Threaten Further Sell-Off

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10 hours ago

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Binance Coin (BNB), the native token of the Binance exchange, has recently experienced a period of sideways movement. Despite reaching a weekly high of $307 on June 4th, BNB’s price has encountered resistance and is currently trading at $246.2. This article provides an analysis of the recent price action, discusses the potential reasons behind BNB’s performance, and explores the future prospects for the coin.

The recent decline in BNB’s price can be attributed to several factors. Firstly, the overall market sentiment has been influenced by a broader correction in the cryptocurrency market. Many altcoins, including BNB, have witnessed a decrease in value as investors take profits and adjust their portfolios. Additionally, concerns over regulatory developments and market uncertainties have added to the selling pressure on BNB.

Bearish Threat And Technical Indicators

Despite attempts by bulls to regain control, bears pose a significant threat to BNB’s price stability. The crucial resistance level of $308 has become a battleground for market participants. If the bears manage to break down this level, it could trigger a further sell-off, potentially pushing the price lower.

BNB weekly chart shows sideways movement: source @Tradingview
BNB weekly chart shows sideways movement: source @Tradingview

Technical indicators paint a cautious picture for BNB. The Moving Average Convergence Divergence (MACD) indicator has exhibited a bearish crossover, signaling a continuation of selling pressure in the near term. Furthermore, the Relative Strength Index (RSI) currently stands at 35.63 levels, suggesting that there could be a further downside if buying pressure does not increase.

Related Reading: PEPE Jumps Nearly 10% In 24 Hours, Sparking Speculation Of A New Rally

Moreover, the 50-Weekly Moving Average positioned below the 200-Weekly MA indicates a bearish trend for BNB. This configuration suggests that the price could continue downward in the coming days unless significant positive developments or market catalysts emerge.

What’s Next For BNB?

Market participants will closely monitor the price action around the critical resistance level of $308. A successful breach above this level could ignite renewed bullish momentum, potentially leading to a recovery in BNB’s price. Traders and investors will also pay attention to any regulatory developments and market trends that could influence BNB’s performance.

Despite the current challenges, Binance Coin holds promise as a key player in the cryptocurrency ecosystem. As Binance continues to expand its services and offerings, including its decentralized exchange (DEX) and various partnerships, there is potential for increased adoption of BNB, which could positively impact its price in the long run.

Related Reading: Percentage Of ETH Addresses In Profit Reaches 5-Month Low

It is important to note that the cryptocurrency market is highly volatile, and prices can change rapidly. Investors are advised to conduct thorough research, stay informed about market developments, and exercise caution when making investment decisions. At press time, Binance Coin (BNB) was trading at $246.2 with a daily price increase of 2.93%.

Binance coin still trading below the $250 resistance mark
Binance coin still trading below the $250 resistance mark: source @tradingview

Featured image from iStock.com, charts from TradingView



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Binance Coin

Bitcoin price eyes $26K ‘acceleration’ zone as Binance fears fade

Published

3 hours ago

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June 18, 2023

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Bitcoin headed toward a “crucial area” after the June 16 Wall Street open, as a recovery from three-month lows continued.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin reinforces rebound from multi-month lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $26,000 on Bitstamp.

The Bitcoin (BTC) price built on an overnight rebound from its lowest levels since early March amid ongoing regulatory and macroeconomic pressures.

For Michaël van de Poppe, founder and CEO of trading firm Eight, $26,000 represented a key level for bulls to flip next.

“Long weekend is coming up with the bank holiday on Monday,” he told Twitter followers, referencing the Juneteenth holiday in the United States.

“For Bitcoin, crucial area to break is $26K. If that breaks, we’ll have some acceleration. I’m still long, would still long if we reach $24.4K too.”

That $24,400 downside area of interest was already in focus for various popular traders.

Among them was Daan Crypto Trades, who predicted a return closer to $26,000 as part of a narrowing wedge structure in place on lower timeframes.

“This dip into $24,000 is a great opportunity,” fellow trader Jelle wrote in part of the day’s tweets, adding that the Twitter user was “ready for the bull market.”

Market joins Binance CEO in dismissing France “FUD”

June 16, meanwhile, marked another test for major exchange Binance, with France launching investigative proceedings hours after an announcement that Binance would quit the Netherlands altogether over regulatory difficulties.

Related: 3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout

Markets appeared immune to the news, however, and in characteristic fashion, Binance CEO Changpeng Zhao, known as CZ, called the France episode “FUD” — fear, uncertainty and doubt.

“France, surprise (no advanced notice) on-site inspections of regulated businesses are the norm, for banks, and now for crypto too. The surprise visit for Binance France happened a couple of weeks ago. It’s not ‘news.’ Binance France cooperated fully,” he tweeted on the day.

“Binance also isn’t the only crypto business inspected. This happened to other well known crypto businesses in Paris too. Binance France continues to be our flagship center in Europe.”

BNB/USD 1-hour chart. Source: TradingView

Binance’s in-house token, BNB (BNB), appeared similarly resilient, climbing to $240 on the day.

Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.