Last week’s trading session saw BNB encounter a significant price rejection before tagging $430. The negative price move exceeded the coin’s positive price movement from its recent May plunge. During the plunge, BNB settled at around $210. As selling pressure builds, BNB bulls appear to be shifting their attention to securing a reliable support range at around $380 and $400.
Recently, major news outlets reported that the People’s Bank of China had resolved to hasten its process of cracking down on crypto assets and related businesses. The People’s Bank of China recently ordered payment platforms and financial institutions not to implement crypto-related transactions. The explanations given by the bank were that cryptocurrencies lack real value and that they are highly susceptible to speculation. The bank also banned exchange platforms that offer crypto investors a platform to trade their crypto holdings. Despite the harsh regulations, PBOC did not hinder individuals from holding crypto assets. As a result of the ban, Binance, OKex, and Huobi are some of the well-known crypto exchange platforms that significant search engines have blocked in China.
Following the ban, Binance Coin and other crypto assets took a beating to trade on the red. At present, BNB is hovering around $368, with a bearish fog hovering above the crypto coin at its 50 Simple Moving Average resistance barrier.
Additionally, if Binance Coin fails to settle above the $365, critical technical indicators will trigger increased selling orders. This will push the coin towards $300 and $320 price regions.
According to Binance Coin price movement in the last 24-hour chart, the crypto’s ascending triangle got canceled once the price action sliced the bottom trend line of the triangle. This move saw BNB lose about 13 percent of its recent growth to find support at around $350. Although some buying pressure is being recorded on the 24-hour chart, Binance Coin is likely to face another breakdown.
According to the 4-hour price chart, the SuperTrend indicator recently flashed a sell signal. The SuperTrend indicator assesses the trend of a crypto coin while considering the coin’s volatility. The sell signal appeared when the indicator’s overlay line settled above the price to change from green to red.
As for the MACD and RSI technical indicators, the MACD appears to be giving a bullish signal, while the RSI suggests BNB is in for some sideways trading. Despite the contradictory signals, a decisive close above the $340 mark would see the crypto coin realize a market return. Additionally, settling above the 100 Simple Moving Average will confirm price recovery towards the $400 price range.
Following the news that El Salvador has become the first country to adopt the number one crypto asset, Bitcoin, into its mode of payments, the crypto market is expected to recover. This is poised to have a positive impact on Binance Coin and other cryptocurrencies.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on June 9, 2021 10:08 pm
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