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BTC $41259.91 (-5.4%)
ETH $2810.87 (-8.6%)
USDT $1.00 (-0.0%)
BCH $496.78 (-7.6%)
BSV $131.85 (-8.5%)
LTC $145.27 (-8.5%)
BNB $341.09 (-8.7%)
ADA $2.18 (-1.5%)
DOGE $0.20 (-7.6%)

BNB is Facing Headwinds Amid Binance Regulatory Pressure

BNB is Facing Headwinds Amid Binance Regulatory Pressure
  • Binance is still facing regulatory pressure worldwide.
  • The exchange’s daily trading volume remains stable at $30 billion.
  • BNB/USD pair appears to be forming a massive bearish pattern.

Binance has been facing regulatory pressure worldwide over the last few months. At the time of writing, the exchange’s daily trading volume remains stable at around $30 billion. However, Binance Smart Chain’s native token, BNB, may soon suffer the consequences.

Moreover, BNB seems to form a head-and-shoulders pattern on its daily chart since February. Besides, the fourth-largest cryptocurrency by market cap currently looks like it’s forming a right shoulder bearish formation.

Looking at the chart, the spike in selling pressure that drives BNB down the head-and-shoulders neckline can cause a significant decline. In addition, breaking the $280 support could mark the start of a downtrend by as much as 65% leading to $98.

TradingView Chart Snapshot

Apart from this, the failure of leading candles to touch the $333.89 resistance shows further weakness for Binance Coin. Also, the destruction of the $314.94 support needs to turn into a 3% penetration close below this level. But, the ascending support trendline confirms the breakdown.

Therefore, this opens the door towards $278.12, with $249.72 and the price wall at $222.96/$210.91, forming the additional downside targets.

On the flip side, if the price holds above the trendline and eventually stays above $314.94. Besides, this would give the bulls a chance at targeting a break above $333.89. In comparison, a successful break opens the pathway towards $357.04, with 379.84 as an additional north target.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.