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Analysis

BNB Is On The Cusp Of A Rally With Gains Toward $230

August 23, 2023 - Around 2 mins mins to read

Key Points:

  • BNB hits a year-low due to Russia’s sanctions fears and mounting regulatory pressures on the Binance exchange.
  • Its price bounced back after Binance.US partnered with MoonPay, signaling renewed confidence.
  • BNB recovers to $215, surpassing peers, with $230 as the target for bullish momentum after breaking support.
BNB, closely affiliated with the Binance crypto exchange, has recently experienced both turbulence and a glimmer of hope.
BNB Is On The Cusp Of A Rally With Gains Toward $230

Amidst mounting regulatory challenges and legal scrutiny, BNB plummeted to its lowest point in over a year. Reports concerning potential Russia sanctions added to the existing pressures faced by Binance, the world’s largest cryptocurrency exchange.

Nonetheless, a spark of positivity emerged as the price rebounded following a strategic alliance between Binance.US and Moonpay. This partnership seemed to infuse renewed confidence in the BNB market, leading to a price uptick.

The downward trajectory of its price was influenced by various factors, including the ongoing cryptocurrency market downturn and the intensifying scrutiny directed at Binance. In the wake of Checkout.com severing its ties with the exchange, Binance encountered yet another setback, further exacerbating its struggles.

The sharp decline in the value culminated in a dip from $250 to a temporary halt at $210 in early August, eventually plummeting to a one-year low of $203.6, mirroring the broader crypto market trend.

Reports alleging Binance’s involvement in selling customers’ Bitcoin to bolster its own BNB token contributed to the turmoil. Although these claims lack official confirmation, they have divided the crypto community.

Currently, the token is trading at $215, showcasing a remarkable recovery from its recent ordeal. Notably, its 6.15% surge outpaces the performance of other coins in the market.

BNB Is On The Cusp Of A Rally With Gains Toward $230
BNB price chart. Source: TradingView

Looking ahead, the crucial $230 price zone, corresponding to the 23.6% Fibonacci level, becomes a pivotal target for bullish consolidation. This zone also served as the immediate support level that BNB recently breached, making it a significant juncture for future price action.

As the crypto landscape remains dynamic, BNB’s journey continues to be shaped by a blend of regulatory pressures and strategic partnerships.

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.

Binance

Binance.US

BNB

moonpay

price

Russia

Author

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.