- Binance exchange has been banned in Malaysia and given two weeks to cease operations.
- The Binance Coin (BNB) price is trading near $323.44 with a twenty-four-hour trading volume of $1,344,812,925.
- The forex trading participants may look for a sell trade below the $317 level to the target of $334.
The BNB/USD failed to stop its previous downward rally and dropped further below the $320.00 support level. The BNB/USD pair started a downside correction from the $334.61 zone and settled near the 318.37 level amid a stronger dollar. Binance price prediction remains bullish above $317 today.
Binance Quick Price Review
The Binance Coin (BNB) price is trading near $323.44 with a twenty-four-hour trading volume of $1,344,812,925. Binance Coin (BNB) has dropped by 3.11% in the last twenty-four hours. The bearish trend in the BNB/USD pair can be long-lived as the Binance’s Regulatory just started to face struggle.
The BNB might extend its losses further towards $300.00 in the coming days. The world’s biggest digital asset exchange Binance has been under some intense regulatory pressure in recent months.
Binance Under Regulatory Pressure – Sellers Drag BNB to $317
Binance exchange is banned in Malaysia and given two weeks to cease operations. These latest challenging headlines keep the BNB prices under pressure. The broad-based U.S. dollar weakness, it’s triggered by the risk-on market sentiment. That’s one of the critical factors that helped BNB prices limit their deeper losses.
As per the latest report, Binance, the world’s largest crypto exchange by trading volume, has started facing another regulatory hurdle. The Securities Commission Malaysia (S.C.) stated that Binance and all related entities are no longer allowed to provide services in Malaysia. These headlines directly impact the BNB prices.
On the USD front, the broad-based U.S. dollar failed to stop its previous-day downward rally. It’s still flashing red on the day as the market’s upbeat mood tends to undermine the safe-haven dollar. Apart from this, Federal Reserve Chairman Jerome Powell’s announcement that “interest rate hikes were still a long way away” also put some heavy pressure on the greenback.
In addition to this, the sluggish U.S. PMI data placed additional pressure on the U.S. dollar. Thus, the declines in the U.S. dollar were seen as one of the critical factors that help the BNB prices to limit their losses.
BNB/USD 4-Hour Timeframe
Binance Price Prediction – Technical Levels
Support Resistance
226.663 241.742
219.942 250.100
211.584 256.821
Pivot Point: 235.021
Binance Price Prediction – Upward Trendline Support at $317
Binance price prediction is bullish above the $317 support level. On the 4-hourly chart, the BNB/USD pair has closed a Doji candle followed by a strong bearish trend. Closing of a Doji candle over the $317 level can trigger a buying trend in Binance coin.
Looking at the Oscillator indicator such as Stochastic RSI, its value is holding at 2.49 in the oversold zone. Therefore, sellers are exhausted now, and bulls may start taking over.
On the 4-hourly chart, the 50 days EMA (Exponential Moving Average – Red Line) is holding at the $334 level. Thus, the BNB has chances of a bullish correction until the $334 resistance level. Conversely, a $317 support level bearish breakout can offer us a solid sell opportunity until the $300 level.
The forex trading participants may look for a sell trade below the $317 level to the target of $334. At the same time, buying can be seen over $317 level with a target of $334. All the best.
Looking to buy or trade crypto now? Invest at eToro!
Capital at risk
