Binance Coin (BNB) Price Analysis
The Binance Coin (BNB) price is currently hovering around the 100-day Exponential Moving Average (EMA) after a correction from its October high of $232. The price surged from support slightly above $200 to reach highs at $232, fueled by positive sentiment in the market due to growing optimism about the potential approval of a Bitcoin spot ETF. However, the price has since faced challenges in sustaining this uptrend.
On Wednesday, BNB experienced a 2.2% decrease, trading at $225. The trading volume dropped by 44% to $445 million, indicating a potential larger pullback. The market cap also slid by 2.3% to $34 billion, as per data from CoinMarketCap.
Support Levels and Potential Risks
In the Binance Coin price prediction, it is crucial for the support at $220 to hold. If this support fails, the token could drop to the local support at $200, where increased liquidity is expected to pave the way for the next breakout.
Binance Resumes Crypto Withdrawals
Binance, the largest crypto exchange, recently faced a technical issue with crypto withdrawals. The exchange temporarily paused withdrawals to resolve the problem. However, fiat withdrawals remained unaffected during this period. After about an hour, Binance announced that the issue had been fixed, and all crypto withdrawals were back to functioning normally.
BNB Price Prediction and Analysis
The correction from the $232 high has put pressure on key support levels, including the 100-day EMA. A daily close above the 100-day EMA is essential to confirm the bullish trend and boost investor confidence. If the support at $225 holds, traders may consider increasing their exposure to BNB.
However, the Relative Strength Index (RSI) at 65.65 suggests a potential shift to the downside as it retreats from the overbought region into the neutral area. For traders anticipating further declines in BNB price, a drop below the 100-day EMA at $225 would serve as confirmation. The 21-day EMA would act as a barrier, preventing losses that could lead to a dip to $200.
Despite these challenges, investors can find reassurance in the improved market structure in October. The drop to $225 could be a temporary pause before a potential breakout to short-term recovery targets at $240 and $250.
BSCN is aiming to become the leading media coverage platform around the Binance Smart Chain Ecosystem. With a strong focus towards Content Quality, Decentralized platforms, Hot topics in the market, Informative and education sources and guidance in how to be more aware around unreliable crypto projects.