Binance Coin (BNB) Manages to Stay Above $600, What’s Next?

Cryptocurrency exchange plays a vital role in maintaining the whole crypto ecosystem. Binance has been doing this without any headquarter. This inventive decision has made it the world’s fastest-growing cryptocurrency. Now Binance Coin has a market cap of $107,666,956,207.95.

Many investors are worried about the legal troubles growing in countries like the UK, USA, Thailand, Malaysia, etc. Still, Binance exchange processes more trades for cryptos like BTC and ETH. 

From an investor’s perspective, the doubt is valid because Binance has no headquarters, so it is difficult to decide how and where to claim for any disruptions. However, Binance is such a big exchange that any legal trouble will hugely impact cryptocurrency prices.

In the last speech, Jon Cunliffe, a Bank of England official, said if anything is growing fast in the financial sector, especially in such an unregulated space, the authority should notice it. 

The Binance founder Changepeng Zhao is of the opinion that Binance is ready to obey the regulators across the world. He also added that Binance would establish local headquarters and offices. 

Indeed, how BNB will perform will depend on the Binance exchange. The news related to exchange will impact the coin price.BNB Price Chart

At the time of writing, BNB is $646, which is a strong resistance level of Binance Coin. It could not break the same resistance levels of around $650 in May 2021.  

According to the daily price chart, it has a strong support level of around $500. That means, if it cannot break the resistance, the BNB price can slip down toward $500, which will be a great time to accumulate more coins. 

On the MACD chart, Binance Coin is not bullish because both blue and red lines are in the zone of 45. It means the daily candlesticks can be bearish in the next 48 hours. 

However, RSI is stable at around 66. Still, the last candlestick is a red inverted hammer, so investors should carefully watch the price now; it can be bearish to $576, which is an initial support level. The last few candlesticks are around the Moving Average line and far above the baseline of Bollinger Band, which reflects bullish signs.

Is it the ideal time to invest in Binance Coin? The short answer is it depends on your investment policy. If you are a long-term investor, you can buy and wait for a few years.

However, it would be best if you did not make a long-term decision based on the daily chart pattern. For a short-term player, it is not the ideal time to invest. You can wait for a support level of $580 or $480 as per Binance Coin price prediction.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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