Binance, recognized as a prominent entity in digital assets, now faces a challenging predicament as the global audience eagerly observes its strategic maneuvering amidst this unfolding scenario. The SEC’s constant intervention and the resulting market fallout have sparked intense debates and apprehensions within the investor community, analysts, and crypto enthusiasts about the future of cryptocurrencies, particularly altcoins. The legal action claims that Binance exaggerated its trading volumes, redirected user funds, provided inaccurate market oversight measures, and didn’t prevent US customers from using its services. This crypto has seen a lot from witnessing gains of over 13,000% in 2021 to a sign of stress at Changpeng Zhao’s crypto empire as regulators worldwide scrutinize the exchange. Another major factor affection the price action of altcoins is the recent weakness in Bitcoin.In light of regulatory issues, Analytics Insight presents BNB price prediction for 2023-30īinance’s self-invented BNB coin, the world’s fourth-largest cryptocurrency, has always been the talk of the town. The ongoing allegations and the SEC lawsuit may act as acatalyst for such a bearish move. This would mean a potential downside of more than 14% form the current price level. Until then, a retest of the range lows around $184 will remain on the cards. My Binance coin price prediction will remain bearish as long as the price remains below $250 level. A reclaim of this level may put a Binance coin price prediction of $250 on the cards. Binance Coin Price PredictionĪ look at the following BNB price chart reveals that $220 has emerged as a major resistance level since the price broke below this level earlier this month. ![]() The decrease in TVL can be attributed to the decrease in number of crypto users. It is the new low for the blockchain network since its 2021 peak of $21.5 billion. Nevertheless, the digital asset still holds a lot of uses in the whole Binance ecosystem.Īccording to the Decentralized Finance (DeFi) tracking website, DeFi Llama, there is currently $2.21 billioin locked on BSC. BNB is used to pay for the transaction fees on BSC, and its demand has significantly decreased since 2021. Binance Smart Chain TVL Shrinks To New Lowsīinance coin price has also been affected by the decrease in network activity on the Binance Smart Chain (BSC). In that case, a valid price target could be the key psychological level of $0.01. I expect a strong price rally if BNB breaks the 0.0085 resistance level on the following chart. The Bitcoin pair of an altcoin is one of the best measures of a coin’s strength. ![]() After a 1.36% drop last week, the pair has already recovered 1.33%. The following BNB/BTC chart shows the strength of the exchange coin in terms of Bitcoin. BNB Price Outperforms Bitcoinĭespite showing a weakness in its USD pair, Binance coin is holding up nicely against Bitcoin. Advanced technical analysis suggests that the bears are gaining strength as the risk-off approach prevails in the markets. Even after a pullback, the coin is still up 5.5% from last month’s lows. Consequently, the bears are targeting the range low that lies 14% below the current price.īNB price dropped to $203.4 in August 2023. After a strong rebound from the August lows, the bulls have lost momentum once again. Binance coin (BNB) price has failed to gain momentum despite a significant recovery from the August lows.
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