• US unemployment claims fell from 377K to 348K, and that’s good for the economy.
• Most of the selling trend in BNB/USD was triggered amid outages on the crypto exchange.
• Forex trading participants may look for a buy trade above the $409 level to the target of $435.

The BNB/USD crypto traded sharply bearish to test the support level of $391 level. However, the bearish trend seems to be short-lived as the Binance coin price prediction is bullish above $391 support. Now the question is, where to buy BNB? Let’s find out.

Binance Crypto Exchange Outage Sparks Investors to Lose Millions

Most of the selling trend in BNB/USD was triggered amid outages in the crypto exchange. Investors that tried to get out in time have lost money due to crypto exchange outages. While Binance has been diligent in dealing with such issues, several investors are pursuing damages due to the exchange’s inability.

Although Binance’s policy permits investors to receive compensation for trading losses caused by system or internal faults, it excludes “what may have been” scenarios.

Speaking to CNBC, a Binance spokesperson said, “We do not cover hypothetical ‘what could have been’ situations such as unrealized profits.” Consequently, the BNB/USD pair suffered and fell on Wednesday. Since Binance started offering compensation to customers, the market seems to have stabilized again.

Weakness in the US Dollar Underpins BNB/USD

The Federal Reserve Bank of Philadelphia has just released the Philly Fed Manufacturing Index for the US. After reaching a long-term high in April, the diffusion index for current activity fell 3 points to 19.4 in August, marking the fourth consecutive dip. This month, 28% of the companies reported a rise in current activity, while 9% reported a fall.

In August, the new orders index rose 6 points to 22.8, while the current shipments index dropped 6 points to 18.9. Nearly 34% of companies reported an increase in shipments this month, compared to 15% who reported a fall.

Overall, manufacturing employment climbed, with the current employment index rising 3 points to 32.6. Over 39% of businesses reported increased employment, 7% reported decreased employment, and 54% reported no change. The average workweek index increased by 6 points to 24.5 points. The negative monthly data is pushing the US dollar lower while supporting the BNB/USD pair.

Lastly, the Department of Labor reported positive unemployment claims for the previous week. The figures fell from 377K to 348K, and that’s good for the economy. Yet, the worse than expected Philly Fed Manufacturing Index is overshadowing the jobless claims.

Binance Price Prediction – Choppy Range Breakout – Where to buy now BNB?  

The Binance price prediction is likely to remain bullish above the 391 support level. On the 4-hourly chart, the BNB/USD pair faces trouble disrupting and crossing over the 410 resistance level. A double top pattern and the 50 days EMA is extending resistance here.

A breakout of the $410 resistance level could lead the BNB/USD pair towards the $435 level on the bullish side. In contrast, the bearish breakout of the 390 level could open further room for selling until the $375 level.

Looking at the Oscillator indicators such as the Stochastic RSI, its value is held above 50 in the buy zone. Therefore, bulls are likely to take control above the 409 resistance level. On the 4-hourly chart, the 50 day EMA (Exponential Moving Average – Red Line) is holding at the $409 level. Thus, the BNB has the chance of a bullish trend continuing until the $435 level.

The forex trading participants may look for a buy trade above the $409 level to the target of $435. Alternatively, selling can be seen below the $391 breakout with a target of $375. All the best..  

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