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Binance (BNB/USD) to $266? Will a bitter exchange between Binance CEO and SBF hurt token further?
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简介Binance has been on a slow decline since touching $315The cryptocurrency has lacked positive catalys...
Binance has been on a slow decline since touching $315
The cryptocurrency has lacked positive catalysts to take the price higher
BNB faces a decline to the $266 support zone
Binance(BNB/USD) continues to consolidate but is on a short-term descent after tapping a minor resistance. As of press time, BNB was trading at $289 and looking increasingly bearish. Investors now stare at a possible price bottom at $266.
The decline in BNB comes amid limited fundamentals to support the cryptocurrency. Across the general sector, the market is mixed, with most cryptocurrenciesconsolidating. That underlines that BNB’s price action mirrors that of the sector, with investors still reeling from the FTX impacts. While Binance’s reassurances of stability have at least supported BNB, the recent slow gains mean investors are cautious.
The trading comes even as a bitter exchange ensues between Binance CEO Changpeng ‘CZ’ Zhao and former FTX head Sam Bankman-Fried. The exchange on Twitter related to an exit by Binance on investment in FTX back in 2021. Bankman-Fried accused CZ of demanding an extra $75 million kickback. Instead, CZ called SBF a “fraudster,” looking for someone to blame for the FTX implosion. Of course, the exchange harms an already depleted market confidence as investors are unsure which exchange is next.
BNB trends lower, with weakening momentum
BNB/USD Chart by TradingView
Technically, BNB is slightly bearish. The RSI is at the midpoint meaning that bulls are muscling equally with the bears. However, the MACD indicator shows that momentum has weakened. Similarly, the MACD and signal line lies in the neutral zone.
Will BNB stay bearish?
With the limited fundamentals to support BNB priceand the non-ensuing confidence crisis, the token may fall further. The price action supports a decline to the next support at $266.
Buyers are, however, relentless, as shown by the reading on the RSI and MACD. For BNB to maintain the uptrend, the price must recover above $315. However, as it looks, we may have to shelve the ambitions until a further date.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Open AccountBitvavo
The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.
Buy BNB with Bitvavo todayTags:
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