- Binance Coin Price Settles For Another Run Upwards
- Slight Retracement After Reaching a Monthly High
- Crypto market seems to have shrugged off regulation worries
After a positive price movement of around 12% over the past few days, the Binance Coin price seems to be stuck between the $340 and $350 level. The rise of BNB was quite significant from a low of $263 on Jul 20 to a high of $356 on August. That signifies a rise of around 35% which is quite positive. It is now down to $341 over the past 24 hours with a 4% drop over the past 24 hours.
Although the Binance exchange has been hit by considerable FUD of late, this did not have any real effect on the price which actually went up considerably over the past 3 weeks. Although there has been a slight retracement, the predictions seem to be positive overall.
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Short Term Prediction For Binance Coin Price: More Upside Expected
Although the Binance Coin price seems to have paused for a breather, it is still expected to continue rising short term as more buyers enter the market. It had quite an excellent run, rising by around 35-40% since July 20 only to be halted its tracks with a 4% decline on Aug 8.
At present, the Binance Coin price is trading at around $341 and is expected to continue making a slight retracement to perhaps the $335 level. However, indications are still bullish and BNB is expected to continue rising when it once again tackles the $350 level. The next level of strong resistance is expected to be found at the $375 mark.
AS always, a bearish thesis would invalidate this prediction. If this were to occur, the Binance Coin price would break the $340 level and descend to the $320 mark where there is strong support. A further sell off could trigger more price falls but this does seem quite unlikely at this point.
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Long Term Price Prediction For BNB: Soon Expected To Regain Momentum
The Gary Gensler speech on future crypto regulation, which was primarily targeted at exchanges like Binance, has not had much of an effect on its price. Actually, the reverse occurred and BNB charged forward as did the rest of the crypto market over the past few days.
Binance Coin is expected to continue appreciating slowly although it is still around 45% down from its all time high of $650 registered in late April. There may continue to be FUD in the market but several analysts have BNB reaching at least the $500 level by the end of the year.
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Gerald Fenech
