Analysis

BNB Can’t Break Through $255, What Happens Next?

BNB Can't Break Through $255, What Happens Next?

Key Points:

BNB’s value has fallen due to external pressures and investor sentiment, failing to break through the Fib 23.6% level and currently trading below $240.
The market for Binance Coin is currently pessimistic due to regulatory issues related to the Binance exchange.
If the coin breaks below the $220-$225 price zone, it could lead to panic selling, but a slow rally could help strengthen its position and potentially reclaim the $250 price point.

BNB still seems to be in a pessimistic state, as the whole market is still bullish. The reason is why?

The date of Greenfield’s future maintenance update has been revealed by BNB Chain. The update will not only correct a few flaws in BNB Greenfield, but it will also include a slew of new features.

BNB Can't Break Through $255, What Happens Next? 4

According to the notice, all objects previously saved on the Greenfield Testnet will be wiped and will no longer be accessible for inquiry. Some noteworthy features include support for multiple messages in a transaction using the EIP712 sign method.

BNB will provide functionality that will enable mirroring buckets, objects, or groups by ID or name. Moreover, the upgrade will add keyManager support to txOpt, allowing it to manage a huge batch of transactions submitted by a single client.

BNB Can't Break Through $255, What Happens Next? 5

Despite the fact that developers were working on the upgrade, BNB, like many other tokens, saw its value fall. This can be seen as external pressure, as the legal issues between the US and Binance are still unclear.

Binance, the world’s biggest cryptocurrency exchange, has formally revoked its registration in the United Kingdom, according to the latest news. Binance’s proposal to deregister Binance Markets Limited (BML) on May 30, 2023, was granted by the UK Financial Conduct Authority (FCA), essentially terminating the company’s ability to perform regulated services in the nation.

Binance’s decision to leave the United Kingdom follows a string of regulatory hurdles for the cryptocurrency exchange. The Securities and Exchange Commission (SEC) of the United States and the Commodities Futures Trading Commission (CFTC) of the United States have both filed complaints against Binance, citing numerous offenses such as deceptive tactics and manipulative trading.

BNB is currently trading below $240, which is a modest gain or not to say very concerned about the $220 support area it broke above two weeks ago.

BNB price chart. Source: TradingView

BNB is failing to break through the Fib 23.6% level, which shows a lot of selling pressure due to investor sentiment. Keep an eye on the $220-$225 price zone once again because if it breaks, it will most likely be a panic sell for BNB.

Currently, due to investors’ risk aversion to the Binance exchange, holding and buying BNB at this time is relatively risky and risky. However, if the market continues to rally with Bitcoin’s price rise, BNB could reclaim the $250 price point once again. A steady and slow rally to the $255 price zone will help strengthen BNB’s uptrend.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.