X

Joseph from New York City

Signed up at LTC Casino 11 minutes ago.

» Try LTC Casino too
Do not show again

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.

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.

Rating: 9.5/10
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.

Technical analysis for BNB

Important support & resistance levels for BNB

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.

by Our Certified Author
BNB Coin Newsflash
    BNB rallies through FUD - most active network in past 24hrsBNB rallies through FUD - most active network in past 24hrs
    Sunday, 18 Dec 2022 3:37 pm
    The BNB Network, most closely associated with the Binance exchange has been the most active blockchain this past day.This is despite glooomy rumors surrounding the company, and withdrawals of roughly $5bn. Ethereum and Polygon comprised the rest of the top three in terms of 24hr activity...
    Read the full newsflash


    No SEC complaints after BNB´s ChangesNo SEC complaints after BNB´s Changes
    Wednesday, 3 Aug 2022 12:33 am
    Binance CEO, ChangPeng Zhao, claims that the SEC probe on whether the BNB token is a security is just the commission asking questions. Yesterday, Binance US delisted a couple of cryptocurrencies that was cited as securities by SEC, writes...
    Read the full newsflash


    CZ from Binance Sue BloombergCZ from Binance Sue Bloomberg
    Sunday, 31 Jul 2022 11:49 am
    The CEO of Binance, Changpeng Zhao aka CZ, is suing Bloomberg Businessweek in the Hong Kong High court. CZ filed a lawsuit for defamation citing the media company's report published on July 6. The content of the publication included false and unproven criminal charges. The Binance CEO confirmed the legitimacy of the publication titled Changpeng Zhao’s Ponzi Scheme from Watcher Guru. The defamation lawsuit also highlights that this recent publication is the 250th issue by Bloomberg Businessweek on CZ along with social media posts on Twitter and Facebook. The Bloomberg Businessweek is under the Modern Media Company. CZ highlighted that the publication from such an influential medium is spreading hate a...
    Read the full newsflash


    Red day for crypto - BNB falling 11% & ETH is down 9%Red day for crypto - BNB falling 11% & ETH is down 9%
    Tuesday, 7 Jun 2022 2:50 pm
    Crypto Lists notice mostly red numbers for crypto coins and tokens. Some of the most remarkable volatility include BNB falling 10.51%, while ETH is down 9.5% and Solana is falling 14.5%. S&P 500 is falling 0.8% in the pre-market trading and Nasdaq is down 1.2%. Will both markets turn when U.S open, or will it continue down? Stay tuned to find out and give Kucoin a try - where you can...
    Read the full newsflash


    Binance Network Makes a Push in IndiaBinance Network Makes a Push in India
    Wednesday, 4 May 2022 5:00 pm
    Binance (see review) has started an initiative in India to educate and empower crypto investors. The company aims to primarily target students and hopes to promote financial freedom through the adoption of crypto, at least BNB. One of these programs is known as the Blockchain for Good Ideathon, and this is focused on solving problems using blockchain technology. In the program, students can attend hands-on workshops that are hosted by experts from Binance blockchain and other reputable individuals. Have you not tried Binance yet? It's one of the top sites, so give Binance a try now!...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top