• Binance Coin (BNB) price appears to be closing in on a strong support after dropping 8.4% from its new 2023 high of $337.
• Regulatory pressure from the United States could prevent the BNB token from reaching $400.
• Asia is being seen as a potential crypto hub with the Hong Kong Securities and Futures Commission (SFC) releasing new regulations for trading platforms.
Bulls Consolidate Above $300
Binance Coin price appears to be closing in on a strong support after dropping 8.4% from its new 2023 high of $337. The native token of the world’s leading cryptocurrency exchange by daily traded volume, is nevertheless, trading 40% higher than the December low of $220. Meanwhile, BNB Price exchanges hands at $309 at the time of writing, while bulls consolidate above $300 to prevent losses from becoming prevalent. Declines below $300 could wipe out most of the gains accrued since BNB tagged $220 in late December.
Regulatory Pressure From US
BNB price requires strong backing from investors to uphold support at $300. This means, buyers will have to ignore the regulatory pressure from the United States to keep the uptrend going. On the brighter side, Asia appears to be coming up as the next crypto hub with news that Hong Kong Securities and Futures Commission (SFC) had released a new set of regulations for crypto trading platforms being welcomed with open arms globally.
Buyer Congestion At Critical Areas
Bulls are fighting selling pressure spreading across the market for almost a week now to prevent Binance Coin price from sliding below $300. The token’s immediate downside is currently grounded in place by a critical rising trend line (thick continuous line). Slightly below this trendline is the 50-day Exponential Moving Average (EMA) (line in red). The buyer congestion within these two areas is expected to keep bears in check and allow bulls settled without having to worry about another dip.
Support Required For Uptrend Intact
Support above $300 is required to keep investor confidence in BNB uptrend intact ahead of its next move towards$340 and then eventually reach its all time high target at around$400 USD mark..It is worth keeping in mind that Binance Coin price is likely to have taken a breather allowing other fundamentals like address activity catch up after its remarkable upswing witnessed during January 2021 period .
Bulls Seem Steady Amid Regulatory Pressure
Bulls seem steady – possibly because of confirmation received from recent regulatory framework developments – amidst regulatory pressure looming over US markets preventing them achieving their goal set for an all time high target around 400 USD mark . Investors’ confidence remain intact as long as support remains above 300 USD level even though bearish news has been spreading across markets during past weeks . This allows buyers some breathing room while they continue their attempts at pushing prices higher towards their ultimate goal .