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Binance Coin Shows Weakness As Price Sits On Key Support; Is $200 Possible?

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Binance Coin Shows Weakness As Price Sits On Key Support; Is $200 Possible?

  •  BNB’s price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.
  •  BNB’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors. 
  • BNB’s price continues to hold $270 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA)

The price of Binance Coin (BNB) has been a standout performer in recent weeks rallying from a low of $280 to a high of $390 before facing rejection due to the current market state that has affected most crypto projects. The crypto market has seen some drastic shift in sentiment, with Binance Coin (BNB) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Previous months saw the price of most altcoins trend higher as many produced gains of over 200%, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

The crypto space has seen a lot of turbulence in the last few days, with many altcoins struggling to show strength after losing key support that was holding off price declines.

The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value any time soon.

The news of other exchanges being in the mix of the FTX saga has raised more fears as many investors and traders shy away from investing in some projects, including the price of BNB suffering some major prices as it lost its support of $300.

BNB’s price declined to a weekly low of $260 before bouncing off this region, showing some great strength to a region of $275 as the price aims to break higher. The price of BNB needs to flip the region of $300 for BNB price to trend higher and regain its bullish structure. 

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Weekly resistance for the price of BNB – $300.

Weekly support for the price of BNB – $200.

Price Analysis Of BNB On The Daily (1D) Chart

Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB remains considerably strong in the daily timeframe as the price trades above $270 support after bouncing off from the region of $260.

If the price of BNB breaks above $300, we could see more rallies for BNB price; a break below a region of $270-260 would lead to more sell-offs for BNB with a possibility of price trending to a region of $200.  

Daily resistance for the BNB price – $300.

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Daily support for the BNB price – $270-$260.

Featured Image From zipmex, Charts From Tradingview

Binance

Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

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Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

It is no secret that Binance benefits from FTX’s insolvency. After the second largest exchange in the world went belly up, other exchanges had to divide FTX’s market share among themselves.

And that Binance is one of the biggest winners now seems to be confirmed by recent data. The Block claims that Binance now has a 75% market share on the spot market, 8.5 times more than the second Coinbase.

🚨Binance now represents 75% of all exchange volume, and almost 8.5x that of the second (Coinbase)

Good or bad for the ecosystem? pic.twitter.com/ykPisGn3W2

— Mario Nawfal (@MarioNawfal) November 30, 2022

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Other Data Providers Do Not Agree

The chart is based on CryptoCompare data and shows that total volume for the month was $642.7 billion. Binance’s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion.

However, there are discrepancies with other data providers. Their data doesn’t find a massive dominance by Binance.

Coinmarketcap, which was acquired by Binance in April 2020, shows that the exchange currently has $12.5 billion in daily trading volume. It is followed by Coinbase Exchange with $1.5 billion dollars, Kraken with $626 million and KuCoin with $495 million.

With a total volume of $44.985 billion over the past 24 hours, this only calculates to a much healthier 27.8% market share for Binance.

CoinGecko, on the other hand, tracks 544 crypto exchanges with a total 24-hour trading volume of $59.5 billion. Binance’s market share is actually only 21.7% based on this figure. However, both data providers only provide daily volumes and thus not a complete picture.

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Binance Is In The Crosshair Due To Other Reasons

Regardless of the discussion about Binance’s market supremacy, the exchange is in the crosshair of critics due to other reasons. One of the harshest critics is Bitcoin analyst Dylan LeClair.

As he notes, BNB has made 9x in two months during the bull run with barely a retrace, 10x versus BTC since 2021. “Must be a new paradigm,” LeClair wrote and shared the following chart.

Source. Twitter

The analyst drew comparisons to FTX and commented ironically; “I’m sure it was retail that sent BNB 10x in two months. Same with FTT, right?”, and shared a chart of FTT and BNB with a similar price trend.

“It definitely wasn’t the exchange operator with an incentive to drive up the price of their own token to create a feedback loop of attention, hype, and more users…. Definitely not,” LeClair further commented.

He argues that the outperformance against “everything” is significant, and one should wonder what the reason is.

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Who is supporting this market (we know), and do they have infinite money? […] Think of some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual motion machine), etc.

To support his conjecture, LeClair also looked at the volume side profile for BNB/BTC spot market and BNB/USDT perpetual swaps (leverage) on Binance. He found a striking disparity.

Source Twitter

While Binance CEO Changpeng Zhao (CZ) said the exchange never uses leverage, users are encouraged to do so by means of various offers on Binance, according to the claim.

Also, CZ reiterated after the FTX collapse that Binance has never used its BNB token as collateral and has never taken on debt. LeClair only commented, “CZ my man, I really hope you’re telling the truth.”

Jack Dorsey And Others Also Express Criticism

Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: “All made up.” Dorsey is known as a Bitcoin proponent, but his statement is vague.

His only other comment on the subject was a response to “Bitcoin, not shitcoin” with “yes,” leaving the community in the dark as to whether he supports LeClair’s theses.

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All made up

— jack (@jack) November 29, 2022

Renowned on-chain analyst Willy Woo also expressed cautious criticism of Binance, specifically on its Secure Asset Fund for Users (SAFU):

SAFU is misleading marketing. It was boosted to “$1 billion,” but if you look at it closely and factor out the correlated impact of BNB and to a lesser extent BTC, the fund is really only good for 0.5% of the $68 billion in assets on Binance. This is not hate, it is informing the public.

At press time, BNB was down 0.9%, while BTC experienced a small surge and posted a daily gain of 2.5%.

BNB trading at $300.70, 4-hour-chart. Source. TradingView

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Binance Coin (BNB) Bulls And Bears Tussle $290; Here Is What To Expect

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Binance Coin (BNB) Bulls And Bears Tussle $290; Here Is What To Expect

  • BNB’s price struggles as price hold above $290 to maintain the bullish sentiment
  • BNB’s price remains strong as bulls dominate the market; the price fails to break and close above $320 with so much uncertainty in the market
  • BNB’s price trades below get the 200 Exponential Moving Average as the price continues in bearish movement (EMA)

The price action displayed by Binance Coin (BNB) has been a show to watch, outperforming the likes of Ethereum (ETH) and Bitcoin (BTC) in recent times.

In the high timeframe, the price of Binance Coin (BNB) looks strong, with a probable result of an uptrend movement if the market remains optimistic. 

Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of BNB rallying from a weekly low of $260 to a high of $310, the crypto market remains uncertain and turbulent, affecting the price of BNB. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

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With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

BNB’s price had a weekly close below a crucial area of $350 after showing so much strength rallying from a weekly low of $260 to a high of $310 as the price was unable to break above $350. 

After BNB’s price declined from a high of $390 to a region of $260, the price has struggled to regain such strength with more speculation of price retesting the region of $200.

Weekly resistance for the price of BNB – $350.

Weekly support for the price of BNB – $260.

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Price Analysis Of BNB On The Daily (1D) Chart

Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB remains considerably strong in the daily timeframe after closing below $290. With BNB’s price unable to break and close above $350, there are growing chances of price retesting the regions of $200 if the market persists in this state.

BNB’s price currently trades at $293 below 200 EMA, acting as resistance for the price of BNB from trading higher. The price of BNB needs to break above $350 for the price of BNB to kickstart the price recovery plan.

Daily resistance for the BNB price – $350.

Daily support for the BNB price – $290.

Featured Image From zipmex, Charts From Tradingview 
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Binance Coin

Binance Coin (BNB) Bulls And Bears Tussle At $290; Here Is What To Expect

Published

on

Binance Coin (BNB) Bulls And Bears Tussle At $290; Here Is What To Expect

  • BNB’s price struggles as price hold above $290 to maintain the bullish sentiment
  • BNB’s price remains strong as bulls dominate the market; the price fails to break and close above $320 with so much uncertainty in the market
  • BNB’s price trades below get the 200 Exponential Moving Average as the price continues in bearish movement (EMA)

The price action displayed by Binance Coin (BNB) has been a show to watch, outperforming the likes of Ethereum (ETH) and Bitcoin (BTC) in recent times.

In the high timeframe, the price of Binance Coin (BNB) looks strong, with a probable result of an uptrend movement if the market remains optimistic. 

Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of BNB rallying from a weekly low of $260 to a high of $310, the crypto market remains uncertain and turbulent, affecting the price of BNB. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Advertisement

With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

BNB’s price had a weekly close below a crucial area of $350 after showing so much strength rallying from a weekly low of $260 to a high of $310 as the price was unable to break above $350. 

After BNB’s price declined from a high of $390 to a region of $260, the price has struggled to regain such strength with more speculation of price retesting the region of $200.

Weekly resistance for the price of BNB – $350.

Weekly support for the price of BNB – $260.

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Price Analysis Of BNB On The Daily (1D) Chart

Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB remains considerably strong in the daily timeframe after closing below $290. With BNB’s price unable to break and close above $350, there are growing chances of price retesting the regions of $200 if the market persists in this state.

BNB’s price currently trades at $293 below 200 EMA, acting as resistance for the price of BNB from trading higher. The price of BNB needs to break above $350 for the price of BNB to kickstart the price recovery plan.

Daily resistance for the BNB price – $350.

Daily support for the BNB price – $290.

Featured Image From zipmex, Charts From Tradingview 
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