BNB Coin Price: Investors Shouldn’t Miss This Potential Breakout

• 1 In a recent conversation, Altcoin Daily discussed about Binance and its future
• 2 The Binance Exchange allows users to exchange more than 600 cryptos.
• 3 There is a potential breakout coming as the bullish investors are active.

To purchase, sell, or trade cryptocurrencies, investors and consumers must utilize a website or platform known as a crypto exchange.

Although there are alternative ways to obtain cryptocurrency, exchanges are seen to be the safest locations to complete these transactions. An international cryptocurrency exchange that works in many different nations is called Binance (BNB/USDT).

Rob Nelson and Austin Arnold of “Altcoin Daily” spoke about the state of the biggest cryptocurrency exchanges in the world today and in the future. The primary subject of discussion was Coinbase and Binance’s differing experiences as the US government attempts to regulate the cryptocurrency market.

Arnold emphasized that Coinbase is preferred by the US government because it complies more closely with US regulatory requirements.

Binance and Its Position Became a Focus

During the conversation, the focus turned towards the future of Binance and its position in markets beyond the United States. Arnold expressed optimism about the potential of Binance, despite facing challenges in the U.S. market. These were due to the company’s new leadership from the traditional finance sector.

Binance provides users with more than 600 cryptocurrencies, a safe wallet, and offers staking services for earning interest on deposits.

Technical Analysis & Prediction of BNB Coin Price

BNB/USD chart by TradingView (Daily time frame)

Currently, the BNB coin price is trading at $247, having decreased since yesterday. From a technical perspective, BNB’s rate is in consolidation, preparing for a potential breakout.

The bulls are struggling to raise the price above the overhead resistance at $271, and there is a second resistance at $313. The bulls are in a crucial position as they are relying on the 50-day and 150-day EMAs for support.

If the price falls below the moving averages, it may indicate that the bulls are losing control of the market. That could result in a drop in price to the strong support at $205.

The current situation implies that the coin price is likely to break the immediate resistance level of $272. Breaking of this resistance level will result in the bulls targeting for the 2nd resistance level.

Conclusion

During a recent conveAltcoin Daily Rob Nelson and Austin Arnold discussed the future of Binance, the world’s largest cryptocurrency exchange beyond the US market. Bulls are struggling to raise prices above the $271 resistance, with a second at $313. They are relying on the 50-day and 150-day EMAs for support.

Technical Levels

• Support Levels: $225 and $205.
• Resistance Levels: $272 and $313.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.

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