Binance Coin’s (BNB) price has been consolidated during the last few days, circling around the $310 level. However, the most recent assessments of the 4-hour and 24-hour prices of Binance Coin show that the bears are becoming more powerful as both analyses issue sell recommendations.
Fourteen signs that support the bears are present as of publication in the 4-hour Binance Coin price analysis, suggesting that the price is expected to decline further. This viewpoint is shared by the 24-hour analysis, which issues a sell signal with ten signs supporting the bears and just six indicators supporting the bulls.
Experts have predicted that trading in BNB should anticipate sideways movement at the present price level even before price action breaks down toward the $280.00 level as the bears continue to control the market. The recent cryptocurrency market downturn, regulatory concerns, and the ongoing controversies surrounding Binance, the biggest cryptocurrency exchange in the world, have all impacted BNB’s price.
It was learnt that BNB’s price had been impacted by the recent slump in the cryptocurrency market; over the previous several weeks, the coin has lost more than 20% of its value. Several causes have been attributed to this development, including worries about rising inflation and the prospect of more regulation in the cryptocurrency industry have been blamed for the market downturn.
The Regulation, The Challenges, And The Expert’s Opinion
Regulatory concerns have also impacted the price of Binance and BNB. Many nations, including the United Kingdom, Japan, and Thailand, have recently warned against Binance or taken regulatory action against it. Investors’ worries about these activities have caused the price of BNB to drop.
Meanwhile, regulators in many nations have been looking into the exchange’s operations over the past few months, adding to the controversy surrounding Binance. The dispute has shaken investors’ confidence, and many have gone as far as selling their BNB assets.
Notwithstanding these obstacles, Binance has continued growing its business by introducing new goods and services to attract more customers. The exchange has also made plans to introduce Binance Smart Chain, a new blockchain that it hopes will be a quicker and more affordable alternative to current blockchains.
Many experts think Binance’s long-term price growth may be aided by its continuing expansion. The market correction and regulatory difficulties will continue to impact the coin’s price soon.
They also advised that traders should closely monitor the price swings of Binance Coin in the upcoming days and weeks. The price could decrease further and surpass $280.00 if the bears continue controlling the market.
BNB Price Analysis And The Relationship With The Market
From the available data, the price of BNB showed that the coin is currently showing a bearish sign. This is coming at a time when the original price mark of $340 started crumbling. This movement continued until it hit the $310 price mark (the current price at the time of this report).
Investigations also showed that the price behavior has been showing low momentum in the last five days, even as the trading volume declined. Experts who commented on this trend said cryptocurrency traders expect the Binance coin to move sideways: back and forth at the current price.
This is expected to continue at the current price before it finally settles for the $280.00 price, breaking the price action. Industry analysts who spoke on this development have warned that only short-term technical indicators, coupled with the mid-term technical analysis, can also break down when pressured by the bear.
The analysis also showed that the bear market dominance in the mid-term charts has a low presence of a bullish price level. In otherward, the rest ten indicators maintained a neutral stance and did not release any signals at the time of this report. It was also gathered that the BNB isn’t the only coin with a price movement that caught people’s attention; others, like the Bollinger Bands and RSI, also experienced some short-term volatility.