Binance Coin Trades Below Baseline; Encircled with Selling Pressure

Binance Coin

Like a breath of fresh air for the crypto community, Binance exchange has recently got a green flag from New York Regulators to launch a cryptocurrency exchange that can trade in Bitcoin, Binance Coin, and XRP pairs.

On August 13, Binance Coin (BNB) was trading around 29.1892 USD. However, in a period of 25-days, the altcoin has gone down by a huge margin of 23.27%. In the weekly chart, however, the crypto has shown a hike of 5.03% from the market price of 21.3198 USD on September 01. Yesterday’s trading was somewhat flat for the crypto where it has gone down by a slight margin of 2.67%. It opened, the other day, at 22.76 USD and wrapped the day at 22.15 USD.

In the last few days, the crypto has shown some strengthening. For now, the immediate resistance for the altcoin is at 23.77 USD and the support level is at 21.5 USD.

Binance Coin Price

The approval to Binance exchange for trading in a few pairs will go a long way for the crypto space and for BNB as well. As far as trends are concerned, the short term is bearish and should be avoided. However, the crypto will give some good returns in the long term.