Binance Coin (BNB) is behind the broader digital currency ecosystem in terms of price change. Binance Coin is presently trading at $487.83, down 0.37 percent in the last 24 hours after deducting the gains made in the previous days. The digital currency has so far mainly avoided a significant drop as a result of the recent regulatory pressures placed on its issuing business, the Binance exchange.
Several countries throughout the world have ruled Binance ineligible to operate on their territory. Among these are Canada, Italy, Japan, and Hong Kong, to name a few. The Financial Conduct Authority (FCA) of the United Kingdom, which had previously barred Binance Markets Limited from operating in the country, recently declared that the exchange had met all of the requirements it had imposed on it. Despite this, the exchange has not yet been cleared to function in the United Kingdom; yet, the clearance has had an impact on the price of the BNB.
These issues have largely gone unnoticed by BNB investors and holders, and despite fears of a price drop, BNB has continued steady growth in the past month, inching a 30 day high of $511.98 in an ambitious quest to retest its previous All-Time High (ATH) of $690.93.
Analysis of BNB Pricing
The BNB/USD 4h chart on TradingView shows the digital currency’s flattening trend after it was rejected at the $500 resistance level. The three technical indicators, the 9-Day Moving Average, the MACD, and the Relative Strength Index (RSI), are all going horizontally, indicating a balance of power between the bulls and the bears.
The ranging trend in the BNB/USD pair might finish in either buyer or seller favor, depending on how the general market reacts to price increases this weekend, which are notorious for historic sell offs.
If the sellers apply further pressure, we may see further price declines that push prices below the $450 support level, which was last seen on August 23. If more buyers enter the market, a positive momentum will likely be produced, sparking a rush to retest the barrier above $500 once more.
The critical levels to watch for are the $450 support and $500 resistance levels, respectively. While the price of BNB may linger between these two levels in the short to medium term, a push beyond either level will trigger a new reaction, which may be motivated by greed or fear. The strength of the Binance exchange, as well as its reaction to the worldwide regulatory clampdown, will have a major impact on whether price movement favors bears or bulls in the coming days.