Binance has been granted a license to operate in Dubai
Native token BNB is trading at the $270 support
BNB faces further decline if recovery stalls as bearish signals emerge
Binance BNB/USD continues to struggle despite gaining slightly on Thursday. The decline reflects macro concerns amid a rate hike by the Federal Reserve on Wednesday. As with most exchange-linked tokens, a dampened sentiment is hitting the price. The decline can be attributed to a fall in trading volumes.
BNB is, however, not the biggest loser in the market, as it trades just 2.13% in the past one week. The cryptocurrency trades at $270, compared to a high of $335 in mid-August. The decline was linked to profit-taking since BNB has an established resistance at $335.
On the positive side, Binance obtained a Minimal Viable Product license in Dubai on Tuesday. The license allows the crypto exchange to offer various digital asset services to investors in the country. Binance will also utilize the local banking channels, enabling it to expand digital money services. The latest development happened after Binance was granted a provisional license in March for an office in the UAE.
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
Buy BNB with eToro today
Bitpanda is a digital assets brokerage company.
It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in.
Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.
Buy BNB with Bitpanda today
BNB has been trading on a bearish trendline since the August high. The token is now trading at a support of $270, making it an important zone for buyers.
Source – TradingView
BNB is recovering after touching the support. However, we remain cautious of price recovery at the current level. BNB formed a bearish pin bar at the support, in line with the month’s-long downtrend. The moving averages are also bearish on the token.
An RSI reading of 44 suggests that we are yet to enter the oversold zone for BNB. Should the token fail recovery at the current level, the next support is at $244.
BNB may continue with the downtrend if it fails to recover at $270. The token may settle at $244 as sentiment remains weak.
The post BNB maintains a downtrend. Here is the level(s) to watch appeared first on CoinJournal.
Seize the market opportunities!
Start trading with a reliable broker.
Let an expert help you get started!
Seize the market opportunities today! Start trading with a safe and reliable broker.
Let's help you get started!