- The Binance price rallies 6% over the last 7 days to set a new four-month high above $540..
- BNB trades in a tight range between $519 and $450.
- Binance responds to the warning from South Africa FSCA.
The Binance Coin price has risen by approximately 6% over the last seven days to record a four-month high at $545 on September 05. The BNB price has been rejected by the $508 resistance level since August 23 with no clear direction of where the price will go. A break above this level will trigger buy orders that may see Binance breach the $535 major resistance level tag new highs.
Binance Coin price trades in a tight range between $519 and $450
BNB price action has been sluggish for the past three weeks implying indecision in the market. This is validated as the horizontal price action that the Binance Coin price is displaying as seen on the daily chart. Since August 23, the Binance Coin price has been trading in a tight price range between $518 and $450.
The consolidation of the BNB price is accentuated by the horizontal movement of the Moving Average Convergence Divergence (MACD) indicator near the zero line. The MACD indicator is moving horizontally on the zero line on the four-hour chart indicating that the bullish and the bearish momentum are cancelling out.
BNB/USD Daily Chart
The Binance Coin Price Short-Term Price Prediction
The short-term Binance Coin price prediction is bullish as shown by the daily chart. At the time of writing, BNB is trading at $502.185 and appears to be fighting immediate resistance at the $508 level. For this outlook to be validated, Binance Coin needs a clear breakout above the $535 major resistance level. If this happens, bulls could be bolstered to tag new highs above $600. If the momentum is sustained, BNB could overcome the $607 barrier retest the $671 resistance level, representing a 33% rise from the current price.
Note the position of the Relative Strength Index (RSI) at 65.15 away from the oversold zone shows that the market momentum is currently bullish
Moreover, the Moving Average Convergence Divergence (MACD) indicator is positioned above the zero line on the daily chart. Also, the MACD has just sent a call to buy crypto signal on the four-hour chart. This happened early Asian trading session today when the 12-exponential moving average (EMA) (blue line) crossed below the 26 EMA (orange line) indicating that Binance Coin is bullish over the next trading sessions.
Moreover, the Parabolic SAR remains positive on the daily chart and has just flipped from negative to positive on the four-hour chart indicating the asset will remain bullish in the near-term.
However, if BNB price favours bears and close the day below the Tuesday August 31 intraweek low around $450, Binance Coin may drop to retest support at$422. A further drop below this level could see BNB revisit the 50, 200 and 100 SMAs currently at $395, $379 and $362 respectively.
Binance Responds to South African Regulator Warning
Apart from profit taking, the indecision in the Binance Coin market could be due to increased regulatory warnings and bans against the Binance exchange from around the world. The latest is the Financial Sector Conduct Authority (FSCA) warning in South Africa who alleged that Binance was not authorized to render financial services in the country.
Binance has responded to this warning saying that it is in compliance with local regulations and is not offering financial advice or intermediary services to South African residents. In a statement issued on Friday September 03, the exchange indicated that FSCA lack the authority to issue such as warning because it was not empowered to regulate “crypto-related investments” in the African country.
Binance also refuted the Agency’s claims that it used its South Africa Telegram group to offer crypto related services to South African residents clarifying that the online platform was used to promote blockchain education, and not to provide financial services or advice.
Binance also said that although Though the FSCA is an agency of the South African government, it was not the “major regulator.” This was the responsibility of the Financial Intelligence Centre (FIC) with the exchange had been working to make sure it complies with the local laws.
“Binance.com is registered with the FIC as a voluntary self-disclosure institution. Binance complies with the FIC Act obligations relating to establishing and verifying of clients’ identities, record keeping and reporting suspicious or unusual transactions.”
The warning from South Africa comes after several other regulators around the world issued warnings or banned Binance or its affiliates for not being authorised to provide financial services in those countries. These include Germany, Poland, the UK, Italy, Malaysia, Japan, Canada, Thailand, and Singapore among others.
Where To Buy BNB Cheap?
If you want to buy Binance Coin, you can register and start trading on top exchanges such as: eToro, FTX, Binance and Coinbase. You can find others listed in our crypto trading platforms guide.
Looking to buy or trade Binance Coin now? Invest at eToro!
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Nancy Lubale
