Within the last 24 hours, Binance Coin (BNB) has had a 0.11% increase against the USD. Over the last seven days, however, the coin has dropped by 12.45%.
Binance Coin (BNB) to BTC Price Analysis
According to Sara Jenn of Livebitcoin News, BNB created a double pattern on the one hour chart which indicates that the price has completed the rise after breaking the 0.00240 neckline. BNB is ready for a retest and if the resistance holds, the price may fall below the fib extension level of the last fall.
Binance Coin (BNB) Price Today / USD
The 38.2% Fibonacci extension level is around 0.00230 and the 50% fib extension level is closer to 0.00220. If the selling pressure continues, the price may fall to the 61.8% extension level of 0.00219. If things continue to go south, it may go to 0.00213 and even lower to 0.0204 which is the full extension level.
The 100 simple moving average is now below the 200 simple moving average which indicates that downside is the path to least resistance. This also means that the sell-off may pick up again. The two moving averages may act as dynamic resistance on the pullback.
The relative strength index for Binance Coin (BNB) is moving south but did not hit the overbought levels indicating that the sellers are gathering momentum. The stochastic is also heading south away from the overbought levels which also shows that selling pressure is rising.
Binance Coin and Industry Threats
Binance Coin is no longer immune to the industry threats that currently plaque the market. While BNB was has been known to stay bullish even with threats from regulators, the pressure by the Japanese regulators appears to have cost the bulls their momentum.
Last week, the financial regulators in Japan released a list of requirements for business improvement for cryptocurrency exchanges that will serve as a deterrence against potential fraud and money laundering. The news pushed many platforms to suspend their activity and update their services to meet the requirements.