21 April, 2024

BNB Faces Crucial Support Test Amidst Binance’s Strategic Moves

03 Oct, 2023

02 Dec, 2023

  • BNB exhibits remarkable resilience during an eight-week trial, maintaining a critical support range of $204 to $220.
  • The analyst predicts a potential short-term decline in BNB’s value due to its struggle to gain upward momentum amidst the altcoin surge.
  • Binance’s expansion, operational licenses, and BSC’s third-largest TVL highlight the commitment to crypto stability.

In a steadfast display of resilience, BNB, the native cryptocurrency of Binance, has weathered an eight-week trial, teetering within the critical support range of $204 to $220. This period of consolidation aligns with speculations of Binance strategically reallocating its Bitcoin reserves to fortify its native coin, a move aimed at fending off potential further declines. 

Additionally, there are rising concerns akin to a potential FTX-style scenario for Binance in light of heightened regulatory scrutiny in the United States. This situation has led to voluntary departures of top brass, including the CEO and CLO.

Crypto Tony, a well-known figure in the cryptocurrency trading and analysis community, recently shared his thoughts on the X platform, presenting a detailed view of the future price movement of BNB. Despite the recent wave of positive sentiment in crypto, Tony anticipates a possible decline in BNB’s value. He argues that BNB struggled to gather significant upward momentum amidst the surge of alternative coins from September to October.

Expanding on his analysis, the analyst highlights BNB’s inability to solidify the $230 resistance level into a reliable support zone. Consequently, he sets a short-term price projection for BNB, envisioning a range between $185 and $190. 

Despite recent setbacks, Tony is optimistic about the long-term future of BNB. He believes that the recalibration may lead to a resurgence for BNB, potentially igniting a fresh bull market in the coming months.

It is imperative to underscore that over the past year, Binance has strategically reinforced its presence, securing operational licenses in diverse jurisdictions. According to data from a DeFi Data aggregator platform, DefiLlama, the Binance Smart Chain (BSC) holds the rank of the third-largest chain by total value locked (TVL), boasting approximately $2.84 billion, with stablecoin market capitalization nearing $5 billion. These strides affirm Binance’s commitment to fostering growth and stability in the crypto landscape.



By using this site, you agree to the Privacy Policy and Terms of Use.