Altcoins

Binance (BNB) Price Hits $340! How long will it sustain at this level?

Author: Qadir AK

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Author

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Highlights
  • BNB has surpassed the US Dollar and currently stands in the fourth position after BTC, ETH, and USDT.

  • The SEC has launched an investigation against Binance's native token, BNB, as it has apparently breached US securities law.

  • The BNB price consolidation within the ascending parallel channel anticipated a bullish scenario ahead before declining below the target of $297.5 and breaking through the parallel channel's lower trend line.

Binance’s native token had a sharp fall on June 7 due to the US SEC opening an inquiry into potential violations of US securities law. A 7.3% decline in pricing brought the price to $275, which was the lowest point. Prices are expected to decrease by 25% to 40% in 2022 due to Binance’s alleged role in laundering millions of dollars worth of illegal money for criminals.

BNB Surpasses USD

With a change of 0.33% over the previous 24 hours, the BNB is presently trading at $294.73. The market cap of the Binance currency is now $47,550,805,775, following the most recent price movement. A study claims that in 2021–2022, the BNB was the third- or fourth-largest cryptocurrency in the world by market cap. It currently outranks the US Dollar Coin and is the fourth-largest cryptocurrency after Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Bearish Pressure To Dominate BNB

The Binance coin price has been highly volatile for a few months. After a significant price decline in June, the prices stabilized within the ascending parallel channel for around two months before crossing over. 

BNB prices surpassed the parallel channel’s upper trend line and reached their peak at $340.0 before quickly re-entering the channel and dropping below the target of $297.5, reaching the lower trend line.

As apparent in the chart, the bulls attempted a rebound rally and raised the prices just a little bit above the target, but the bearish dominance caused the prices to fall below the target, generating waves that eventually led to the creation of a wedge.

The bulls attempted a rise again, and when prices hit their goal of $297.5, they flipped it to a resistance level. Prices fell to point ‘b’ due to the bearish dominance, and eventually, the BNB prices are anticipated to hit the target level at point “c”, which happens to be on the same level as “a”.

The prices may retest the target level and decline below it, making a flat pattern and roughly reaching the bottom at $234.5, according to il Capo Of Crypto- a cryptocurrency analyst, swing trader, and long-term investor.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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