Over the weekend, Binance and Coinbase were accused of asking for millionaire fees for token listing, igniting a discussion about listing requirements, exchange rivalry, and FUD (fear, uncertainty, and doubt). Several industry figures weighed in on the matter, including Justin Sun, Brian Armstrong, and Changpeng Zhao, who denied the claims on Monday. Related Reading: XRP […]
On Friday, November 1, the BNB Foundation announced the successful completion of the 29th quarterly burn by the BNB Chain. This latest event of the routine token burn reiterates the project’s commitment to a deflationary approach in order to ensure growth. A total of 1,772,712.363 BNB tokens (worth approximately $1.07 billion) were automatically burned in this quarter’s event. According to the foundation’s blog post, this quarter’s burning was (and subsequent token burning events will be) performed directly on Binance Smart Chain (BSC), with the burn amount sent to a “black hole” address. Can The Latest Burn Event Propel BNB’s Price To $600? Token burning, a process in which tokens or coins are purposely and permanently removed from circulation, is carried out to trigger an increase in a token’s value. Similarly, the quarterly token burn can have a significant impact on BNB’s price by decreasing the total supply, thereby creating a deflationary effect. Related Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means Moreover, the consistency of the quarterly BNB burns shows the dedication of the foundation to the long-term growth and success of the token. This positive trend could favorably impact general market sentiment, as it strengthens investors’ trust in BNB’s potential as a stable investment. However, it is worth looking at the impact of previous quarterly burns on the BNB price to be able to gauge the potential effect of the latest event. Notably, the 28th token burn, which was completed on July 22, 2024, didn’t exactly have a bullish impact on the value of the fourth-largest cryptocurrency. According to data from CoinGecko, the price of the BNB token sat just above $600 as of July 22. Unexpectedly, the token’s price fell more than 22% to a low of $464 about two weeks after the burn event. BNB’s value seemed to have crumbled under the bearish climate of the general market. The BNB token has mostly been in a consolidation range over the past few months, mirroring the state of Bitcoin and the general crypto market. Fortunately, the premier cryptocurrency seems to be back in the bullish zone after returning to $70,000 for the first time since June. If the strong positive correlation between BNB and Bitcoin plays out, it means that investors could see Binance’s native token resume its upward trend. Hence, BNB seems to have a positive outlook and could soon reclaim $600, especially if the flagship cryptocurrency remains bullish. BNB Price At A Glance As of this writing, the value of BNB stands around $571.8, reflecting a 0.6% price dip in the past 24 hours. Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? Featured image from Shutterstock, chart from TradingView
Changpeng Zhao, the former CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, made his anticipated return to the public eye at the Binance Blockchain Week in Dubai on Wednesday. This appearance marks his first since serving four months in prison, which has reshaped his outlook on life and leadership. CZ Reflects On […]
BNB price corrected gains from the $612 level. The price is now showing a few bearish signs while Bitcoin and Ethereum eye additional gains. BNB price started a downside correction from the $612 resistance zone. The price is now trading below $595 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $588 level to start another increase in the near term. BNB Price Dips Again After struggling above $612, BNB price saw a downside correction. The price dipped below the $605 and $600 support levels unlike Ethereum and Bitcoin. There was a move below the $598 and $595 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $565 swing low to the $612 high. There is also a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair. The price is now trading below $595 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $595 level or the trend line. The next resistance sits near the $600 level. A clear move above the $600 zone could send the price higher. In the stated case, BNB price could test $612. A close above the $612 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. More Losses? If BNB fails to clear the $595 resistance, it could start another decline. Initial support on the downside is near the $590 level. The next major support is near the $588 level or the 50% Fib retracement level of the upward move from the $565 swing low to the $612 high. The main support sits at $576. If there is a downside break below the $576 support, the price could drop toward the $565 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $588 and $576. Major Resistance Levels – $595 and $600.
BNB price corrected gains below the $580 level. The price is now recovering higher and facing hurdles near the $590 resistance zone. BNB price started a downside correction from the $600 resistance zone. The price is now trading below $590 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $590 level to start another increase in the near term. BNB Price Aims Fresh Increase After struggling above $605, BNB price saw a downside correction. The price dipped below the $590 and $585 support levels like Ethereum and Bitcoin. There was a move below the $580 and $575 levels. The price even dipped below $572 before the bulls appeared near $590. A low was formed at $565 and the price is now correcting losses. It climbed above the $575 level and the 50% Fib retracement level of the downward move from the $598 swing high to the $565 low. There was a break above a connecting bearish trend line with resistance at $585 on the hourly chart of the BNB/USD pair. The price is now trading below $590 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $590 level or the 76.4% Fib retracement level of the downward move from the $598 swing high to the $565 low. The next resistance sits near the $598 level. A clear move above the $598 zone could send the price higher. In the stated case, BNB price could test $605. A close above the $605 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. Another Decline? If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $585 level. The next major support is near the $582 level. The main support sits at $572. If there is a downside break below the $572 support, the price could drop toward the $565 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level. Major Support Levels – $585 and $582. Major Resistance Levels – $590 and $598.
According to a recent report by Bloomberg, Binance, the world’s largest cryptocurrency exchange by trading volume, is facing significant challenges as its market share continues to decline. In September, Binance’s share of trading volume in the roughly $2 trillion digital asset market fell to 36.6%, down sharply from 42.7% at the start of the year and the lowest level in four years, according to data from CCData. Binance Spot And Derivatives Trading Hits Four-Year Lows The drop in market share is particularly pronounced in both the spot and derivatives trading arenas. Binance’s 27% share of the spot market represents its lowest level since January 2021, while its derivatives trading share stands at 40.7%, also the lowest in four years. Related Reading: Crypto Analyst Maintains $7.50 XRP Target Despite SEC Appeal Against Ripple Per the report, this decline can be attributed to the legal saga that the exchange has been experiencing globally since last year, but particularly in the US, which has not only had a notable impact on the exchange’s financial metrics, but has also led to changes in its leadership. The company has been under increased scrutiny globally, following a settlement with the US Department of Justice (DOJ) last year over serious charges, including sanctions violations, which resulted in a hefty $4 billion fine. The fallout from these regulatory actions included the resignation of co-founder and former CEO Changpeng Zhao (CZ), who served four months in prison as part of the proceedings. However, the former CEO was released by US authorities last Friday after serving his sentence. In an effort to rebuild trust and navigate the regulatory landscape, Binance appointed Richard Teng, a former regulator, as its new CEO. Teng has been actively engaged with regulators investigating Binance in various jurisdictions, while also appointing a new board of directors and the intentions of establishing a new headquarter. Centralized Crypto Exchanges Face 17% Volume Drop The report further highlights that the broader market for centralized crypto exchanges is also facing challenges, with combined spot and derivatives trading volumes dropping 17% in September. However, this decline is typical for the month, which is often seasonally weak, but it has resulted in the lowest monthly trading activity since June. Notably, Binance has seen the most severe market-share decline among top exchanges, as competitors such as Bybit, Bitget, and Crypto.com have begun to capture a larger share of the market. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally Jacob Joseph, a senior research analyst at CCData, noted that this trend may indicate a growing confidence among crypto participants in alternative platforms that “offer similar user experiences,” including low trading fees, minimal slippage, and high market liquidity. Despite the challenges, Binance recently achieved a significant milestone, becoming the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume, according to CCData. At the time of writing, the exchange’s native token, BNB, currently the fourth largest cryptocurrency on the market, is trading at $545, up just 1% in the last 24 hours amid the broader market decline. Featured image from DALL-E, chart from TradingView.com
BNB bullish rally has hit a wall as the $600 resistance level proves to be a formidable barrier. After an impressive upward run, momentum has stalled, and downside pressure is starting to build. While bulls are struggling to regain control, the bears are gaining confidence, signaling a potential shift in market direction. With the rally halted and key support levels under threat, BNB is now facing an increased risk of a pullback, leaving traders on edge as the price hovers at this crucial threshold. As BNB faces the formidable $600 resistance, the aim is to analyze the mounting pressure that has halted its recent rally. We will explore the technical indicators that signal a potential downturn, market sentiment, and potential price movements as the bulls fight to regain control. Risk Assessment: Evaluating The Downside Potential Despite BNB’s price trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which typically signals a positive trend, the cryptocurrency has faced significant resistance at the $600 mark. This resistance has resulted in a noticeable pullback, indicating that upward momentum falters as sellers capitalize on the current price level. An analysis of the 4-hour Relative Strength Index (RSI) suggests a potential price drop as the RSI line is dropping from the overbought zone toward the 50% threshold, reflecting rising bearish pressure for the cryptocurrency that might push the price toward $537. Related Reading: BNB Price Surge Eyes $550 Breakout: Can It Push Higher? Also, on the daily chart, BNB is currently showing bearish momentum as it drops toward the $537 mark. Since breaking above the 100-day SMA, the price has experienced a consistent upward trend without any significant pullbacks, indicating that a huge correction may be on the horizon. Finally, on the 1-day chart, a comprehensive analysis of the RSI signal line reveals a recent decline to 68% after peaking at 72%. This movement suggests a shift in momentum, signaling that BNB is entering a consolidation phase or facing increased selling pressure, which could lead to additional price corrections. Future Outlook: What Lies Ahead for BNB? Although the cryptocurrency has demonstrated resilience by maintaining its position above key moving averages, the increasing bearish pressure and recent pullbacks indicate that BNB’s price could decline toward the $537 support level. If it reaches this point and manages to break below, this could trigger a further drop toward other support levels, heightening concerns among traders about the potential for extended downward momentum. Related Reading: BNB Weekly Active Addresses Surge Over 6% – Is A Rally On The Way? Alternatively, if the bulls can stage a recovery before BNB reaches the $537 support level, the price could begin to rise again toward the $600 resistance. A breakout above this key level may open the door for more gains, with BNB likely testing higher resistance points as bullish momentum builds. Featured image from iStock, chart from Tradingview.com
BNB price started a fresh increase above the $550 resistance zone. The price is now consolidating near $600 and might aim for more gains. BNB price started a fresh increase above the $550 resistance zone. The price is now trading below $580 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $585 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $575 level to start another increase in the near term. BNB Price Extends Rally In the past few days, BNB outperformed Ethereum and Bitcoin. It remained stable above $535 and started another increase above the $542 resistance zone. There was a move above the $550 and $565 resistance levels. The price even surged above $580 and tested the $600 resistance zone. A high is formed at $599.7 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $576 swing high to the $600 high. The price is now trading below $585 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $585 on the hourly chart of the BNB/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $576 swing high to the $600 high. If there is a fresh increase, the price could face resistance near the $600 level. The next resistance sits near the $608 level. A clear move above the $608 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $635 resistance. Any more gains might call for a test of the $650 level in the near term. Are Dips Supported? If BNB fails to clear the $600 resistance, it could start a downside correction. Initial support on the downside is near the $588 level. The next major support is near the $585 level and the trend line. The main support sits at $575. If there is a downside break below the $575 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $585 and $575. Major Resistance Levels – $600 and $608.
Recent price movement reveals that BNB has surged past a critical barrier, clearing the 100-day Simple Moving Average (SMA) and signaling renewed bullish momentum. With this breakout, BNB bulls are setting their sights on the $605 resistance level, as market sentiment strengthens around the potential for further gains. The move above the 100-day SMA has sparked optimism, hinting at the possibility of a sustained rally as BNB looks to capitalize on this momentum and break through key price targets. The goal of this analysis is to highlight BNB’s recent surge above the 100-day Simple Moving Average (SMA) and evaluate the potential for continued positive movement toward the $605 resistance level. By examining current market dynamics and technical signals, this analysis aims to provide insight into whether BNB can maintain its upward momentum and achieve a significant breakout in the coming sessions. Rallying Strength: Analyzing BNB’s Surge Above The 100-Day SMA On the 4-hour chart, BNB has demonstrated sustained positive momentum after successfully breaking above the 100-day Simple Moving Average (SMA). This significant breach has not only triggered a shift in market sentiment but set the stage for a bullish trajectory as BNB rises toward the $605 mark. BNB’s ability to maintain above this key technical level reflects growing confidence among traders, suggesting that the upward movement may continue. Additionally, the Relative Strength Index (RSI) on the 4-hour chart has climbed above the 50% threshold, currently sitting at 69%. This upward movement in the RSI indicates that bulls are firmly in control, as the index approaches overbought territory. If selling pressure remains subdued, there is potential for an extended increase in BNB’s price, signaling a strong bullish trend ahead. Related Reading: BNB Weekly Active Addresses Surge Over 6% – Is A Rally On The Way? On the daily chart, BNB is maintaining an upswing toward the $605 resistance level while trading above the 100-day Simple Moving Average (SMA). The price has printed multiple candlesticks above this key indicator, underscoring the strong buying pressure from investors and indicating a solid sentiment in BNB’s potential for continued growth. Finally, on the 1-day chart, a careful examination of the formation of the 1-day RSI reveals that BNB could sustain its bullish trend toward the $605 resistance mark as the signal line of the indicator has risen above 50% and is currently attempting a move towards the 70% threshold. What’s Next For BNB As Resistance Beckons With strong buying interest and positive market sentiment, BNB is gearing up to reach the $605 resistance level. When BNB breaks above this point, it could lead to more gains, aiming for the $635 resistance zone and beyond. Related Reading: BNB Price Struggles to Hold $500: Is a Breakout Coming? However, the altcoin may face a pullback toward the $537 support mark if the momentum falters and fails to surpass this level. A decline below this support could lead to additional drops, with the price potentially testing the $500 support range and other lower levels. At the time of writing, BNB was trading at approximately $575, reflecting a 3.05% increase over the past day. Its market capitalization was around $84 billion, with trading volume surpassing $1.9 million, showing increases of 3.05% and 9.81%, respectively. Featured image from Adobe Stock, chart from Tradingview.com
BNB price started a fresh surge above the $525 resistance zone. The price is now consolidating gains and might aim for more gains above $550. BNB price started a fresh increase above the $525 resistance zone. The price is now trading below $535 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $540 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $525 pivot level to start another increase in the near term. BNB Price Settles Above $525 In the last analysis, we discussed the chance of more gains in BNB price above the $525 resistance. The price outperformed Ethereum and Bitcoin. It surged above the $525 and $535 levels. It even tested the $550 resistance zone. A high was formed at $549.5 and the price started a downside correction. There was a move below the $545 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $507 swing low to the $549 high. The pair is now trading above $535 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $540 on the hourly chart of the BNB/USD pair. If there is a fresh increase, the price could face resistance near the $548 level. The next resistance sits near the $550 level. A clear move above the $550 zone could send the price higher. In the stated case, BNB price could test $562. A close above the $562 resistance might set the pace for a larger move toward the $580 resistance. Any more gains might call for a test of the $585 level in the near term. Are Dips Limited? If BNB fails to clear the $550 resistance, it could start another decline. Initial support on the downside is near the $540 level and the channel trend line. The next major support is near the $525 level or the 61.8% Fib retracement level of the upward move from the $507 swing low to the $549 high. The main support sits at $520. If there is a downside break below the $520 support, the price could drop toward the $505 support. Any more losses could initiate a larger decline toward the $500 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $540 and $525. Major Resistance Levels – $548 and $550.
BNB price started a fresh increase and cleared the $500 pivot zone. The price is now consolidating gains and might aim for more gains above $525. BNB price started a fresh increase above the $500 resistance zone. The price is now trading below $510 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $500 pivot level to start another increase in the near term. BNB Price Settles Above $500 After forming a base above the $470 level, BNB price started a fresh increase like Ethereum and Bitcoin. The price was able to climb above the $488 and $500 resistance levels. It even cleared the $515 level and tested $525. A high was formed at $526 and the price started a downside correction. There was a move below the $520 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $471 swing low to the $526 high. Besides, there was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $518 level. The next resistance sits near the $525 level. A clear move above the $525 zone could send the price higher. In the stated case, BNB price could test $535. A close above the $535 resistance might set the pace for a larger move toward the $550 resistance. Any more gains might call for a test of the $562 level in the near term. Another Decline? If BNB fails to clear the $525 resistance, it could start another decline. Initial support on the downside is near the $510 level. The next major support is near the $500 level. The main support sits at $492. If there is a downside break below the $492 support, the price could drop toward the $470 support. Any more losses could initiate a larger decline toward the $450 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $510 and $500. Major Resistance Levels – $518 and $525.
In the aftermath of Binance’s settlement in 2023 with US authorities and the subsequent resignation and conviction of its former CEO Changpeng Zhao (CZ), the regulatory landscape appeared to have quieted down for the exchange and its key figure. However, recent revelations by a former Department of Justice (DOJ) official-turned-lawyer for blockchain company ConsenSys have […]
Binance, one of the largest crypto exchanges in the world, is facing regulatory scrutiny again. The exchange has been slammed with a show-cause notice from India’s Directorate General of GST Intelligence (DGGI) two months after paying a $2 million fine to the Financial Intelligence Unit (FIU). The notice demands over $80 million from the crypto […]
BNB price is holding the $565 support zone. The price is now consolidating and might aim for more gains above $590 in the near term. BNB price started a decent upward move from the $565 support zone. The price is now trading above $580 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could extend its increase if it clears the $590 resistance in the near term. BNB Price Eyes More Upsides In the past few days, BNB price saw a decent upward move from the $565 support zone, like Ethereum and Bitcoin. The price was able to climb above the $572 and $580 resistance levels. It even cleared the $582 resistance. The current wave surpassed the 50% Fib retracement level of the downward move from the $597 swing high to the $568 low. Besides, there was a break above a key bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair. The price is now trading above $582 and the 100-hourly simple moving average. It is now consolidating near the 61.8% Fib retracement level of the downward move from the $597 swing high to the $568 low. On the upside, the price could face resistance near the $588 level. The next resistance sits near the $590 level. A clear move above the $590 zone could send the price higher. In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. Are Dips Limited? If BNB fails to clear the $590 resistance, it could start a downside correction. Initial support on the downside is near the $582 level or the 100-hourly simple moving average. The next major support is near the $575 level. The main support sits at $565. If there is a downside break below the $565 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $582 and $575. Major Resistance Levels – $590 and $600.
BNB price started a recovery wave above the $500 resistance. The price is now consolidating and might aim for more gains above $530. BNB price started a decent upward move from the $472 support zone. The price is now trading above $500 and the 100-hourly simple moving average. There is a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could extend its recovery wave if it clears the $530 resistance in the near term. BNB Price Starts Recovery In the past few days, BNB price saw a decent recovery wave from the $472 support zone, like Ethereum and Bitcoin. The price was able to climb above the $495 and $500 resistance levels. It even cleared the $520 resistance, but the bears were active near the $530 zone. A high was formed at $529.2 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $471 swing low to the $529 high. The price is now trading above $520 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair. If there is another recovery wave, the price could face resistance near the $530 level. The next resistance sits near the $542 level. A clear move above the $542 zone could send the price higher. In the stated case, BNB price could test $550. A close above the $550 resistance might set the pace for a larger increase toward the $565 resistance. Any more gains might call for a test of the $580 level in the coming days. Another Decline? If BNB fails to clear the $530 resistance, it could start a fresh decline. Initial support on the downside is near the $520 level or the channel trend line. The next major support is near the $508 level. The main support sits at $500 and the 50% Fib retracement level of the upward move from the $471 swing low to the $529 high. If there is a downside break below the $500 support, the price could drop toward the $485 support. Any more losses could initiate a larger decline toward the $472 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level. Major Support Levels – $520 and $500. Major Resistance Levels – $530 and $542.
Binance US is preparing for a legal battle against the Securities and Exchange Commission (SEC) after the District Court for the District of Columbia determined the SEC’s lawsuit would continue. The exchange remains confident in its case after Judge Amy Berman Jackson dismissed several “key claims” in the lawsuit. Related Reading: Germany Shakes Up Crypto […]
The ongoing legal battle between Nigerian authorities and the crypto exchange Binance has significantly affected the country’s blockchain industry. The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) recently expressed its concerns about the negative impact of the current dispute and urged for a “balanced resolution.” Related Reading: DeFi Protocol Alex Lab $4 Million Hack Linked […]
BNB price started a recovery wave from the $550 support. The price is now consolidating and facing hurdles near the $585 and $592 levels. BNB price started a decent upward move from the $550 support zone. The price is now trading above $575 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bullish momentum if there is a close above the $585 resistance. BNB Price Aims Higher In the past few days, BNB price saw a steady decline from the $592 resistance, like Ethereum and Bitcoin. There was a drop below the $575 support and $560. Finally, the bulls appeared near $550. A low was formed at $550.8 and the price recently started a recovery wave. There was a move above the $565 and $575 resistance levels. The price surpassed the 61.8% Fib retracement level of the downward move from the $593 swing high to the $550 low. There is also a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair. The price is now trading above $575 and the 100-hourly simple moving average. Immediate resistance is near the $583 level or the 76.4% Fib retracement level of the downward move from the $593 swing high to the $550 low. The next resistance sits near the $585 level. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $592. A close above the $592 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the coming days. Another Decline? If BNB fails to clear the $585 resistance, it could start another decline. Initial support on the downside is near the $578 level and the channel’s trend line. The next major support is near the $572 level. The main support sits at $565. If there is a downside break below the $565 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $572 and $565. Major Resistance Levels – $585 and $592.
BNB price struggled above $720 and started a downside correction. The price is now moving lower and there is risk of more downsides below $600. BNB price started a fresh decline below the $650 support zone. The price is now trading below $650 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bearish momentum if there is a close below the $600 support. BNB Price Trims Gains After a major increase, BNB price struggled near the $720 resistance. As a result, there was a bearish reaction below the $680 support, like Ethereum and Bitcoin. The price dipped below the $650 support and the 100 simple moving average (4 hours). It traded as low as $613 and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $724 swing high to the $613 low. The price is now trading below $650 and the 100-hourly simple moving average. Immediate resistance is near the $630 level. The next resistance sits near the $640 level. There is also a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair. A clear move above the $650 zone could send the price higher. In the stated case, BNB price could test $665. A close above the $665 resistance might set the pace for a larger increase toward the $672 resistance. Any more gains might call for a test of the $680 level in the coming days. More Losses? If BNB fails to clear the $640 resistance, it could continue to move down. Initial support on the downside is near the $615 level. The next major support is near the $605 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $580 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $605 and $600. Major Resistance Levels – $630 and $650.
BNB price struggled above $720 and started a downside correction. The price is now moving lower and there is risk of more downsides below $600. BNB price started a fresh decline below the $650 support zone. The price is now trading below $650 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bearish momentum if there is a close below the $600 support. BNB Price Trims Gains After a major increase, BNB price struggled near the $720 resistance. As a result, there was a bearish reaction below the $680 support, like Ethereum and Bitcoin. The price dipped below the $650 support and the 100 simple moving average (4 hours). It traded as low as $613 and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $724 swing high to the $613 low. The price is now trading below $650 and the 100-hourly simple moving average. Immediate resistance is near the $630 level. The next resistance sits near the $640 level. There is also a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair. A clear move above the $650 zone could send the price higher. In the stated case, BNB price could test $665. A close above the $665 resistance might set the pace for a larger increase toward the $672 resistance. Any more gains might call for a test of the $680 level in the coming days. More Losses? If BNB fails to clear the $640 resistance, it could continue to move down. Initial support on the downside is near the $615 level. The next major support is near the $605 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $580 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $605 and $600. Major Resistance Levels – $630 and $650.
Binance Coin (BNB), the native token of the world’s largest crypto exchange Binance, recently hit an all-time high of $725 on June 6th, the first week of exchange founder Chagpeng Zhao’s (CZ) four-month prison sentence in the US. According to a Bloomberg report, this price rally for the Binance Coin has made CZ the richest […]
BNB price is attempting a fresh increase from the $540 zone. The price must settle above the $600 resistance to gain bullish momentum. BNB price started a fresh increase after it cleared the $565 resistance zone. The price is now trading above $580 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair could gain bullish momentum if it clears the $602-$610 resistance zone. BNB Price Holds Support After forming a base above the $535 level, BNB price started a fresh increase. There was a steady increase above the $565 and $575 resistance levels, like Ethereum and Bitcoin. The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downward move from the $618 swing high to the $5382 low. It is now trading above $590 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair. The pair seems to be consolidating near the 76.4% Fib retracement level of the downward move from the $618 swing high to the $5382 low. Immediate resistance is near the $602 level. The next resistance sits near the $618 level. A clear move above the $618 zone could send the price further higher. Source: BNBUSD on TradingView.com In the stated case, BNB price could test $635. A close above the $635 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $680 level in the coming days. Are Dips Supported? If BNB fails to clear the $602 resistance, it could start a downside correction. Initial support on the downside is near the $592 level and the trend line. The next major support is near the $578 level. The main support sits at $555. If there is a downside break below the $555 support, the price could drop toward the $530 support. Any more losses could initiate a larger decline toward the $520 level. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $592, $578, and $555. Major Resistance Levels – $602, $618, and $650.
Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC. The penalty was imposed due to Binance’s alleged failure to comply with money-laundering protections, specifically related to registering as a foreign money services business and reporting virtual currency […]
Binance, one of the world’s largest cryptocurrency exchanges, has come under scrutiny after a Wall Street Journal report revealed that the platform fired its top investigators following their allegations of wash trading involving a top VIP client, DWF Labs. Binance Refutes Wash Trading Allegations The report alleges that DWF Labs conducted over $300 million in […]
Binance CEO Richard Teng recently denounced the Nigerian authorities’ abuse of power and mistreatment of the crypto exchange executives, including still-detained Tigran Gambaryan. Teng considers it’s time to highlight the implications of the saga between the crypto exchange and the Nigerian regulators on behalf of the business community. Related Reading: SEC Chair Gensler: Crypto Represents […]
According to local media reports, Tigran Gambaryan, Binance’s Head of Financial Crimes Compliance, has been remanded in custody in Abuja, Nigeria. The Federal High Court in Abuja postponed the hearing of Gambaryan’s bail application for 11 days, with the remand order continuing until the bail hearing on April 18. The judge, Emeka Nwite, agreed with […]
A recent report from Bloomberg has shed light on Binance’s latest efforts to refine its client base. It enhanced the screening process for prime brokerage clients to exclude US-based investors from its platform. This move comes amidst increasing regulatory demands and the exchange’s endeavors to fortify its compliance framework. Related Reading: Binance Investigates 300M BOME […]
BNB price is gaining bullish momentum above the $550 resistance. The price is showing positive signs and might extend its rally above $650. BNB price is up over 15% and it broke the $600 resistance zone. The price is now trading above $580 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support at $598 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair could continue to rise toward the $650 resistance zone or even $700. BNB Price Extends Rally In the last BNB price prediction, we discussed the chances of more gains above the $500 resistance zone. The price continued to rise and broke many hurdles near the $550 level. BNB is now outperforming Bitcoin and Ethereum with a move above the $580 resistance. It is up over 10% today and trading above $600. A high was formed near $633 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $633 high. The price is now trading above $600 and the 100 simple moving average (4 hours). Immediate resistance is near the $625 level. The next resistance sits near the $635 level. A clear move above the $635 zone could send the price further higher. Source: BNBUSD on TradingView.com In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $700 resistance. Any more gains might call for a test of the $780 level in the coming days. Dips Limited? If BNB fails to clear the $635 resistance, it could start a downside correction. Initial support on the downside is near the $600 level and the trend line. The next major support is near the $570 level. The main support sits at $500 or the 50% Fib retracement level of the upward move from the $364 swing low to the $633 high. If there is a downside break below the $500 support, the price could drop toward the $450 support. Any more losses could initiate a larger decline toward the $420 level. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $600, $570, and $500. Major Resistance Levels – $635, $650, and $700.