Binance Coin (BNB) Strengthens as Binance CEO Plays Down “FUD”
Aiswarya Gopan • 1 min read
Binance Coin (BNB) is one of the biggest gainers in the crypto market on Monday, strengthening by almost 6% in the past 24 hours and by more than 11% over the past week. At the time of writing, BNB/USD is trading around $333.
Binance’s very own native token received a boost after market leader Bitcoin (BTC) successfully reclaimed the key $34,000 level, driving the overall market sentiment higher and investor confidence in cryptocurrencies shot up as a result. The higher levels of activity on the world’s largest crypto exchange over the weekend also helped support the bullish mood seen in this digital asset.
BNB faces some uncertainty over the mounting regulatory pressure on Binance, which could exert downward pressure on it in the medium term and long term. However, for now, markets have mostly been ignoring these developments, sending Binance Coin to trade steady and even make gains despite the recent bans and increased scrutiny from regulators around the world.
Binance’s CEO, Changpeng Zhao, is playing down these developments against the exchange, urging investors to “ignore the FUD” in a recent tweet after the UK’s FCA banned its operations. His comments appear to be gaining traction from supporters as evident from his number of followers rising above the 3 million mark recently.
Key Levels to Watch
The H4 chart of BNB/USD reveals how moving averages and leading technical indicators MACD and momentum are exhibiting a strong bullish bias. The next level of interest is the immediate resistance at $343.
A break above this level can see buyers build up interest in taking the price higher beyond $350 and even the key $400 level. However, they will encounter resistance moving ahead at $365.