Binance Coin (BNB) is the exchange token of the Binance crypto exchange that was launched on the Ethereum blockchain but later migrated to the Binance Smart Chain, now called BNB Chain.
Like many other cryptocurrencies, BNB remains under pressure after Bitcoin hit a fresh two-month low on Thursday after a wave of risk aversion swept through world markets. BNB has weakened approximately 10% since August 14, 2023, falling from $243.3 to a low of $212.9. The current price of BNB stands at $218, and for now, bears continue to control the price movement.
But where is the price of BNB going next, and what can we expect from September 2023?
Today, Crypto Lists will discuss BNB price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Bears continue to control the price movement of BNB
- 2 The situation around Binance continues to scare investors
- 3 Technical analysis for BNB
- 4 Important support & resistance levels for BNB
- 5 What speaks for the rise in the BNB price
- 6 What indicates the downfall of BNB
- 7 What do analysts and experts say
Bears continue to control the price movement of BNB
Like the rest of the cryptocurrency market, BNB has found itself caught in a downward spiral in a week in which many cryptocurrencies have had their worst weekly decline since the FTX crash last November.
Bitcoin had plummeted to $25,392 Thursday afternoon, hitting its lowest price since mid-June, amid cascading liquidations of leveraged trading positions, and some analysts tied this week’s decline to news events such as macroeconomic gloom.
Some analysts say that a critical bearish incident that had a major influence on the cryptocurrency market is speculation that Elon Musk’s SpaceX sold $373 million worth of Bitcoin. While no evidence can back the fact that SpaceX had sold any holdings, traders took the news correlated with a weakening market as a sign to sell off their crypto holdings in case of a bigger price decline.
According to a blockchain analytics platform, Coinglass, more than $834 million crypto Long positions were liquidated within 24 hours, and when traders’ positions are liquidated due to margin calls, they usually panic. This influx of sell orders can lead to an oversupply, potentially causing prices to drop even more in the upcoming days.
Another bit of negative news for BNB is the fact that some analysts say that Binance, the world’s largest exchange, could be in some form of trouble and potentially in a similar position as the FTX exchange in 2022.
Supply: 166,800,992 / 166,800,992
Release date: July 29, 2017
Description: Discover BNB from Binance today!
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
The situation around Binance continues to scare investors
BNB is the exchange token of the Binance crypto exchange, and because of this, some analysts think that BNB could fall from the current price levels. Binance was sued by the Securities and Exchange Commission (SEC) for allegedly breaching multiple securities laws this year, and billions of dollars have been withdrawn from Binance since then.
Both Binance and its founder/CEO Changpeng Zhao have been hit with 13 separate charges and have been accused of operating an unregistered securities exchange and “enriching themselves while placing investors’ assets at risk.”
Besides this, Binance has been investigated several times by the U.S. Securities and Exchange Commission this year, with C.Z. being hit with a $1 billion lawsuit for supposedly paying celebrities to endorse unregistered securities.
CEO Changpeng Zhao says that the system remains stable, but the negative news continues to scare investors, and the current downward movement of BNB suggests that bearish forces may be gaining dominance in the near-term market outlook.
It is also important to say that there has been a significant drop off in the number of whale transactions in the last several months, and when whales reduce their trading activity (transactions worth $100,000 and above), it usually indicates that they are losing confidence in the underlying coin’s short-term price prospects.
If the whales continue to reallocate funds to other investments, the price of BNB could take an even bigger hit in the upcoming weeks.
At the same time, recession fears and aggressive monetary policy from major central banks will continue to influence the cryptocurrency market in the weeks ahead. There are currently too much important things that could easily go wrong, and a recommendation is that investors should continue to take a defensive investment approach.
Technical analysis for BNB
BNB has weakened from $243.3 to $212.9 since August 14, 2023, and the current price stands at $218. BNB might have a hard time holding above the $200 level in the upcoming days, and a break below this level would indicate that BNB could probably test the price level at $180.
Important support & resistance levels for BNB
On this chart (the period from March 2023), I marked important support and resistance levels that can help traders to understand where the price could move.
BNB remains under pressure, but if the price advances above $250, the next target could be resistance that stands at $260. The important support level is $200, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $180.
What speaks for the rise in the BNB price
The upside potential for BNB probably remains limited for the weeks ahead; still, if the price advances above $250, the next target could be resistance at $260. Investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain while the US SEC pressure continues.
What indicates the downfall of BNB
The price of BNB is currently trading above $200, but a break below this level would indicate that BNB could probably test the price level at $180.
BNB remains under pressure after Bitcoin hit a fresh two-month low this trading week, and the highly volatile nature of the cryptocurrencies may scare investors to sell BNB if some negative news happens that is connected with Binance.
Binance was sued by the Securities and Exchange Commission (SEC) for allegedly breaching multiple securities laws this year, and some analysts say that Binance is currently in a similar position as the FTX exchange in 2022.
What do analysts and experts say
The cryptocurrency market remains under pressure. Bitcoin’s price hit this Thursday levels below $26,000, and according to analysts, BNB might have a hard time holding above the current price levels. Some analysts tied this week’s decline to news events such as macroeconomic gloom, while some analysts say that a critical bearish incident which had a major influence on the cryptocurrency market is speculation that Elon Musk’s SpaceX sold $373 million worth of Bitcoin.
According to a blockchain analytics platform, Coinglass, more than $834 million crypto Long positions were liquidated within 24 hours, and this influx of sell orders can lead to an oversupply, potentially causing prices to drop even more in the upcoming days. Another negative news for BNB is the fact that some analysts say that Binance, the world’s largest exchange, may be in some form of trouble and potentially end like the FTX exchange.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
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