- Binance Coin price analysis suggests downwards movement below $600
- The closest support level lies at $600
- BNB faces resistance at the $650 mark.
The Binance Coin price analysis shows that after failing to climb above the $680 mark, the sellers broke the $650 support level as BNB returned below the $620 mark. Currently, the price is moving towards the $610 mark as the selling continues.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include DOGE and DOT, recording a 6.83 and a 5.86 percent incline, respectively.
Binance Coin price analysis: BNB returns to $600 as the selling continues
Across the technical indicators, the MACD is currently showing bearish momentum, as exhibited by the red histogram. The indicator currently shows an increasing bearish momentum as expressed by the dark shade of the histogram. The MACD exhibited a bearish crossover on November 8 and has remained in the region since then as the Binance Coin price fell from the $670 level.
The EMAs are currently moving downwards as the Binance Coin price analysis moves towards the $600 support level. The 12-EMA is diverging further from the 26-EMA, suggesting an increased selling pressure across the short term. The indicator is not showing any resistance from the buyers, and the price may continue falling across the short term charts
The RSI is currently neutral and trades low at 39.68 index units. The low position shows bearish dominance at press tim,e while the indicator’s downwards slope suggests strong selling activity in the markets. The neutral position suggests that the asset has room for further downwards movement before a correction is required. Overall, the RSI supports the bears across the short term.
The Bollinger Bands are currently narrow but show expansion as the price pushes the indicator’s bottom line downwards. However, the indicator would remain narrow if the buyers are able to successfully defend the $600 support level. At press time, the indicator suggests a drop in BNB price volatility.
Technical analysis for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a sell signal as 12 of the 26 major technical indicators support the bears across the timeframe. On the other hand, only four of the indicators support the bulls showing no significant buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.
The 24-hour Binance Coin price analysis contradicts this sentiment and issues a buy signal with 13 of the indicators suggesting an upwards price movement against only three indicators supporting the bears across the timeframe. At the same time, ten indicators remain neutral and do not support either side of the market.
What to expect from the Binance Coin price analysis?
The Binance Coin price analysis shows that the bulls struggled and failed in climbing above the $680 price level, causing the support at $650 to collapse. As the selling continued, the buyers were unable to defend any footholds above the $600 mark, and the price has returned to the $600 mark.
Currently, traders should expect a brief dip below the level before the price makes another attempt at $680. This suggestion is supported by the technical analyses, which are bearish in the short term but show strong support to the bears across the mid-term charts.
Binance resumes DOGE withdrawals days after Elon Musk’s comments
The exchange officially announced on Monday that it had restarted DOGE withdrawals after experiencing a major issue where Binance users were unable to withdraw Dogecoin for 17 days.
Additionally, 1,634 users on Binance were sent old transactions due to a conflict of several DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately affected only Binance. The exchange wrote:
“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 — you can have an issue.”
“Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built,” the announcement reads.
Binance emphasized that “no single entity was at fault” as neither Binance nor the DOGE Network had prior knowledge of the issue.
The fix came after Tesla CEO Elon Musk brought up the issue on Twitter on Tuesday, arguing that Binance’s DOGE withdrawals problem was “shady.” Binance CEO Changpeng Zhao stated right away that the problem was related to the latest DOGE wallet upgrade.
Appreciate it.🙏 I over reacted a bit due to the word “shady”. The KYC part is tedious, and we can’t service US users. You could try https://t.co/hSHrrlWIfF though. Still a tedious sign up process, but have #Doge.🐕 We are working with their team to fix the issue ASAP. 🙏— CZ 🔶 Binance (@cz_binance) November 23, 2021
Dogecoin is a meme-based cryptocurrency that has been increasingly popular since Musk started actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th-largest cryptocurrency with a market capitalization of $27 billion. The price of DOGE has tumbled recently, with Dogecoin dropping more than 22% over the past 14 days, according to CoinGecko.
Binance Unveils Inside Details of the Dogecoin (DOGE) Incident
The world’s leading cryptocurrency exchange, Binance, has opened up about the entire fiasco that was endured by Dogecoin Core maintainers and the company during the wallet upgrade. In its blog post titled, “The Inside Story on DOGE withdrawals,” Binance revealed what actually transpired and how no one was at fault.
Dogecoin (DOGE) withdrawals Inside Story
It all began as, what Binance describes, a “straight-forward” upgrade. However, users were not able to withdraw their DOGE tokes for 17 days straight. To top that, 1,634 customers were sent old transactions. While detailing facts and clarifying that no shade was intended, the exchange’s post said several unlikely factors resulted in an unforeseen issue that subsequently affected only Binance.
It explained that the “technical issue” led to old transactions being sent back to many users due to a unique wallet arrangement for DOGE.
“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4)
AND then updated to v1.14.5 — you can have an issue. Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.”
According to Binance, the event was nothing short of an unlikely and unfortunate coincidence for all the parties involved. While referring to Musk’s shady remark, the blog post stated that there was no way Dogecoin Core maintainers and Binance would have been able to “plan” this. After “silently” opening withdrawals on November 27th, the platform fully opened the withdrawals starting today again.
Elon Musk is a powerful ally of Dogecoin (DOGE), the OG meme coin. Hence, his comments spurred debates and jibs from Binance’s rivals. Huobi, for one, did not hold back. In its blog post last week, the exchange said that Binance’s move of arbitrarily freezing user accounts damaged the user trust. It also stated that this incident would likely push customers to decentralized exchanges (DEXs).
Huobi blamed Binance for the delay in transactions and the loss of hundreds of millions of dollars worth of Dogecoin.
Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow?
- Binance Coin price analysis is bearish today.
- BNB/USD saw a strong upsurge towards $630 resistance today.
- Further upside is currently rejected.
Binance Coin price analysis is bearish today as we expect another retracement to follow after a higher high set today. Likely BNB/USD is not yet ready to reach further upside and another retracement that sets a higher low is needed.
The market has seen bullish momentum return overall. Bitcoin gained 4.81 percent, while Ethereum 5.78 percent. Meanwhile, Binance Coin (BNB) follows with a gain of 3.71 percent.
Binance Coin price movement in the last 24 hours: Binance Coin sets higher high after strong bullish momentum overnight
BNB/USD traded in a range of $574.98 – $624.65, indicating substantial volatility over the last 24 hours. Trading volume has declined by just 1.3 percent, totaling $2.57 billion, while the total market cap trades around $102.67 billion, ranking the coin in 3rd place.
BNB/USD 4-hour chart: Rejects further upside at $626,
On the 4-hour chart, we can see the Ripple price action currently looking to reverse again as further upside is rejected after a strong rally earlier today.
Binance Coin price has seen a strong recovery over the past weeks after a strong drop from the $660 previous highs resulted in a loss of over 20 percent to the $510 mark.
From there, BNB/USD quickly reacted higher on the 19th of October, reaching the $600 mark. After a slight pause later in the week, BNB continued higher until the $660 mark was almost reached again by the 26th of October.
Since then, we have seen a strong spike lower set another higher low at $570. The Binance Coin price has since set further local higher low and high, indicating bullish momentum slowly preparing for another attempt to break the all-time high resistance around $660-$670.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish for today as we expect another retracement that sets a higher low to follow over the next 24 hours. Therefore, BNB/USD has set another higher high, with more preparation needed before further upside can be tested.
While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.