Binance has gone through some very interesting days after announcing that they will close their doors to all US customers by September 12th, 2019.
The new US trading restrictions had sent shockwaves throughout the crypto markets as US investors scrambled to find out which of their coins had alternative US compliant exchanges to trade from – we’ve taken a look into it, but be warned as it is not very pretty for some of the altcoins.
Amid all the scrambling, CZ, the CEO of Binance, has come forward to make it clear that Binance team has not sold any of their BNB holdings, as the coin dumped yesterday to a low of $29.7 just a day after recording a new all-time high a little over $36.
Binance team has not sold a single team BNB. And that graph is way off, btw.
— CZ Binance (@cz_binance) June 14, 2019
Binance Coin (BNB) has seen a small price rebound, allowing price action to bounce to where it currently trades at around $33.13.
Despite the recent price drop, Binance Coin is still ranked on the 7th place amongst the top cryptocurrency projects by market cap value, as it currently holds a $4.48 billion market cap. Binance Coin has also seen an extraordinary price explosion, which totals over 100% throughout the past three months.
Looking at the BNB/USD 1-Day Chart:
- Since our previous BNB analysis, we can see that BNB continued to climb further higher above the resistance at the $34.20 level to reach a high at $36.22. However, the coin was unable to close above this level and proceeded to roll over. Binance has now found support at the $32.41 level after bouncing back from below the $30 mark.
- From above: The nearest level of resistance now lies at $34 – $34.20. Further higher resistance is then located at $35 and $36.22. If the bulls can continue to push above the $38 resistance level, higher resistance lies at $38.53 and $40.
- From below: The nearest level of support now lies at $32.41. Beneath this, lower support lies at $31.20, $30.25 and $30. Beneath $30, further support lies at $28.88, $26.60 and $25.18.
- The trading volume has remained consistently high during June 2019 and has increased above average over the past two days.
- The RSI has recently held at the 50 level, which shows that the sellers are still not in control of the market momentum.
Looking at the BNB/BTC 1-Day Chart:
- Against Bitcoin, we can see that BNB was able to overcome the resistance at 0.0042 BTC to reach a high above 0.0045 BTC – however, after reaching this level of resistance, the market rolled over. Support was found at 0.00355 BTC and BNB/BTC has since rebounded higher as it trades at around 0.00385 BTC as of now.
- From above: The nearest level of resistance lies at 0.004 BTC and 0.0042 BTC. Above this, further higher resistance lies at 0.0044 BTC, 0.004615 BTC, 0.0048 BTC, and 0.004930 BTC.
- From below: The nearest level of support now lies at 0.003680 BTC, where lies the 100-days EMA. Further support lies at 0.00355 BTC, 0.003420 BTC, 0.003190 BTC, and 0.003 BTC.
- The trading volume has also remained high during June 2019.
- The Stochastic RSI had recently produced a bearish crossover signal in overbought territory which resulted in the recent price drop. We will need to wait for the Stochastic RSI to settle and reach oversold conditions before can see a push higher, according to the oscillator.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.