Binance Coin (BNB) Likely To Retrace In Days Ahead, Capped at $38

Dalmas Ngetich

1 year ago

2 mins read

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Binance Coin (BNB) steady
The road to compliance demands aligning with regulators’ needs.

The loss of US clients is a blow to Binance and BNB. However, the decision will be beneficial in the long term as Binance restructure, leaning towards regulatory compliance. From the charts, BNB is stable. Nonetheless, it is the second worst performing digital asset in the top 10.

Binance Coin Price Analysis

Fundamentals

There is a transition going on in Binance. Known for their aggressive expansions, Changpeng Zhao and team appear to be taking a step back. Days after announcing their restrictions for US clients, the exchange plans to be more regulatory compliant.

Critics reckon that they are under pressure from US authorities. As they budge, launching a US-based exchange in partnership with an intermediary, it is likely that most of their original customers, shifting funds before Sep 12, will bail out.

For now, there is a 90-day window where US customers will move their funds to other exchanges or third-party wallets. Through BAM Trading Services and Koi Trading, Binance US, will launch before the expiry of this withdrawal window. Although Changpeng Zhao, in an Ask Me Anything session, absolved himself from any form of participation in the new exchange.

Meanwhile, BAM Trading services is FinCEN registered. On the other hand, Koi Trading has links to the former Senior Director of Engineering at Huobi Global, Hao Chen. In turn, Chen is the CEO of Koi Trading, who lists Binance as one of their investors. Chen was part of the team that launched Huobi US. Perhaps because of his experience, Binance is now seeking his services as they plan to roll out the new platform most likely without Binance Coin (BNB).

Candlestick Arrangement

Aside from Cardano (ADA), BNB is the second worst performing digital asset in the top 10. Even though it is stable in the last week and day, the coin is under immense sell pressure. Losing US customers who accounted for more than 60 percent of the exchange’s traffic will have a negative bearing on BNB.

Presently, June 14 bear bar anchors this trade plan, is extensive and within its trade range, containing price action of the last six days. From the chart, BNB bulls are capped by May highs of $38. Conversely, floors are at $29, and any drop below this level with above average participation could see BNB slide back to $25 and later $17 in a retest.

Technical Indicators

As aforementioned, June 14 bear bar leads this trade plan. Apart from being wide-ranging, it has high trading volumes of 4.9 million against 2.7 million. Therefore, any break and close above $38 or fall below $29 must be with high participation surpassing 4.9 million. That will confirm or nullify this trade plan’s stance.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
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