The crypto market has been facing a strong pullback in the past day. Bitcoin has retreated to trading at $45K after reaching new monthly highs of $52K. This pullback has been experienced across the broader market, with many coins trading in the red zone. Binance Coin is among the biggest losers of the past 24 hours.
Binance Coin is trading at $402.53 at the time of writing after a 16.2% dip in 24 hours.
Binance Coin Price Analysis
BNB has had a massive loss in the past 24 hours because of the ongoing recession across the broader market. The coin is currently testing the support at $400. This support could fail to hold if the bearish sentiment across the broader market continues.
If the market dips continue, we could see BNB retesting the lower support level of $380. This support level could trigger buying pressure from traders who want to buy during the dip. This could cause an uptrend towards higher levels. However, if market support continues to fail, we could see the coin going to lower levels of around $350.
On the other hand, we could also see the coin moving to higher levels. In this case, we could see the coin retesting the upper resistance level of $410. In this case, the coin will go to the higher levels of $450 of $470.
The Binance exchange has been facing regulatory scrutiny around the world. While the exchange has made various efforts to remain compliant such as appointing a former treasury official to top positions in the compliance division, the exchange’s regulatory woes are still far from over.
Recently, the exchange received a warning from South African regulators for operating in the country without proper authorization. Recently, Binance’s CEO, Changpeng Zhao, stated that the exchange would halt offering some services in Singapore after receiving a warning from regulators.
Where to Buy BNB
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