BNB could fall below $ 300 again

BNB could fall below $ 300 again

The cryptocurrency is still in a declining cycle, and the decline of Binance Coin could lead to it falling under the $ 300 brand

The cryptocurrency market did not develop well at the weekend and the losses could continue to expand during the week. The price of Bitcoin is still being traded just above the $ 31,000 mark and is unable to achieve a rally beyond the main resistance level of $ 35,000

Binance Coin (BNB) was one of the largest losers among the leading cryptocurrencies last week and could suffer further losses this week. The regulatory pressure on Binance in the United Kingdom - and most recently in Italy - could have a negative impact on the BNB course in the coming hours and days.

BNB price view

Binance is currently under pressure from regulatory authorities in some parts of the world. Since the challenges in Great Britain began, BNB's price has fallen by over 10 %. The BNB/USDT 4-hour chart shows that the cryptocurrency is currently in a declining cycle and could fall down in the coming hours.

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BNB/USDT price diagram. Source: Coinlyze

The technical indicators such as MACD and RSI all show that BNB is in the red area and could probably remain there for the time being. If the current trend continues, the BNB could fall below the level of support of USD 300, which focuses on the first major level of support at $ 295. There were also several lower highs that indicate continued downward pressure.

Unless there is a long sell -out on the wider market or Binance gets under pressure, the BNB should be able to keep the level of less than USA 290 in the next few hours.

However, every positive message from Binance or the general cryptocurrency market could serve as a necessary catalyst to press BNB at $ 310 over the first major resistance point. BNB could have a hard time continuing a rally beyond the resistance point of $ 322, unless there is a massive upward movement of Bitcoin and the wider market.

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Source: Coinlist.me

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