Binance Coin is currently in bullish territory although it had a scare over the weekend. A lot of talk about it being banned to operate in the UK did not have much effect on the price. Actually, BNB rose and recovered most of its recent losses. It appears to be attempting to scale the psychologically significant $300 level and is actually slightly above that in today’s trading at $301.
There was an expectation in the markets that BNB would begin to descend after the FUD surrounding its crypto trading situation in the UK. Amongst the charges brought against it were that it enabled some Bitcoin transactions for Hamas although that barely featured on the radar.
After dropping to $278 on 21 June or a 10% decrease it once again reclaimed the $312 mark a few days later. The weekend saw virtually no change in the price and it is now rising considerably on bullish sentiment as participants look to buy cryptocurrency.
Short Term Prediction For Binance Coin: Will It Scale the $400 mark
As more buyers continue to enter the market it seems that bullish sentiment is expected to prevail, at least in the short term. In fact, last week’s selloff pushed the price all the way down to the $225 level. However, when one considers that all the FUD in Japan and the UK surrounding Binance has had a negligible effect on price, BNB seems well on the way to a sharp uptrend.
Resistance levels of 291 and $295 appear to have been surpassed and once it is over $300, Binance Coin should continue to forge upwards. The price movement is definitely encouraging when one considers the latest regulatory crackdown.
Bitcoin’s price movement is also a factor in Binance’s position. As it has seemingly already broken the $295 resistance level, a jump upwards to the $380 mark is not unexpected with $430 being the next bullish marker. If the crypto market continues with the current positive sentiment, then the price could go up even further. However, if bears once again take control of the market, the price could once again descend to the $300 mark.
Long term Prediction For BNB: Is the $1000 mark possible?
Although Binance Coin is currently at just under the 50% mark off its all time high of $675 achieved on 3 May, there is sentiment that another bull run could fuel the coin way back up to the $1000 mark. A lot of factors depend on this target being achieved but with all the negative regulatory sentiment of late, the price is still in positive territory. Buyers seem to have entered the market once again and the price looks on the rise. Much depends on the next few weeks of price action.
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Gerald Fenech
