Binance coin price continues to record higher highs as it trades in the green for the 13th day running since July 21. During this time, BNB has risen 26% to close the day around $331 on Sunday having flipped the 50-day and the 200-day Simple Moving Averages (SMA’s) from resistance to support.
Despite trading in the green, BNB price action has been uneventful since June 26 as the Bollinger Bands began to narrow showing market indecision perhaps due to the regulatory bans the largest crypto exchange has been experiencing over the last couple of months.
Malaysia Is The Latest To Ban Binance
Malaysia is the latest regulatory authority to come after Binance after accusing the exchange giant of running illegal operations in the country.
The Securities Commission (SC) Malaysia’s announcement on Friday publicly reprimanded Binance requiring it to cease operations in the country within 14 business days from July 26. This includes:
- Disabling the Binance website and mobile applications.
- Cease all media and marketing activities of its services in the country.
- Immediately restrict Malaysian investors from accessing Binance’s Telegram group.
The Binance CEO, Changpeng Zhao was specifically ordered to ensure that the above directives are carried out.
The Malaysian ban comes after countries like Italy, China and US banned it as well. Other countries like the UK, Germany, Japan, Poland, Singapore and Thailand, Singapore, among others, have issued warnings about Binance.
Binance Coin Price Stuck Below $340
The Binance Coin price volatility has been decreasing since July 21. The reducing price volatility continues as the outer boundaries of the Bollinger Band (BB) continue squeezing towards each other. This has seen the BNB price hovering between the $340 resistance and the $290 support wall.
At the time of writing, BMB teeters around $332 on crypto exchanges as bullish and bearish pressure cancel out. This is a sign of market consolidation that is confirmed by the appearance of a doji candle stick on the daily chart.
Binance Coin Price (BNB/USD) Daily Chart
Note that the narrowing of the Bollinger Bands indicate that the BNB price is consolidating. If this continues, BNB might continue trading below $340 over the next few days.
The sideways price action is validated by the horizontal movement of the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI). This shows that shows that bulls and bears are canceling out.
Which Way For The Binance Coin Price
Note that if BNB closes the day above the $340 mark, BNB bulls will attempt to push the Binance coin price the $400 resistance level where the 100-day SMA currently lies. However, further movement upwards might be delayed by the resistance around the $430 area.
- Are you new to crypto? This guide on crypto trading platforms is a good place to start.
On the flipside, a daily candlestick closure below this level will trigger sell orders as losses towards the $290 psychological level remain in the offing.
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Nancy Lubale
