Bitcoin
BTC$36 221.06

-2.99%

Ethereum
ETH$2 414.43

-1.84%

Tether
USDT$1.000716

0.02%

Binance Coin
BNB$368.16

-3.30%

USD Coin
USDC$0.999993

-0.05%

Cardano
ADA$1.049679

0.84%

Binance Coin is Nearing the End of the Bull Rally


April 2020

Binance, as the organization, has been all over the news lately for two major reasons: the first being the acquisition of CoinMarketCap, arguably the most popular aggregator of crypto-related data, and the involvement in the class-action lawsuit that has to do with the non-compliance with the US state and securities legislation during the ICOs that took place over the last few years.

News as the driver of BNB price


The lawsuit had been filed not only against Binance but also a number of other cryptocurrency exchange platforms - the negative outcome of that case could result in organizations paying billions of dollars in fines, which would have a disastrous effect on the price of Binance Coin, by association. However, it might take years for this lawsuit to be settled, but the negativity that it generated could fuel the bearish pressure that is amounting after a week of continuous price growth on the back of another news regarding the purchase of CoinMarketCap, presumably for $400 million.

This deal comes as a part of the explosive growth of Binance infrastructure, which now includes the P2P trading in a number of national currencies, the issuance of the proprietary Visa credit card, and the introduction of perpetual futures as a trading option.

All in all, the Binance organization is relentless in its strive to create an ecosystem that would dominate the crypto space. These efforts had a visible effect on the price of Binance Coin - during the previous month, it soared upward by 25% against USD, 5.3% - BTC, and 7.5% - ETH. The news regarding the CoinMarketCap acquisition, which emerged on April 2, forced the price to rise by 22.4% in five days. But that attractive bull rally seems to be running its course due to the emergence of a factor of global importance that could once again send the price of BNB tumbling.

A major disaster in the US could provoke another panic sell


Just a few days ago, the media outlets were filled with optimistic messages about the suppression of COVID-19 pandemic in a number of Western countries. These largely positive reports, along with the signing into action of the $2 trillion relief package for the US financial sector, sparked bullish sentiments in both traditional and cryptocurrency markets, incentivizing the biggest upward run since the Coronavirus Crash.

This optimism, however, was short-lived because, on April 12, Donald Trump approved a major disaster declaration that encompasses all 50 states - the first such act in the history of the US. There is hardly any doubt that it will cause another massive sell-off in stock markets, which will extend to the crypto market and BNB.

1-day BNB/USDT chart

Binance Coin still has a day before the market opens on April 13 to make a sprint to the $16 level, which is also a strong historical resistance, and allow traders to acquire a better shorting position, but it is most likely that the price won’t be able to surpass the established resistance at $15.2. Technical indicators are pointing at the imminent price depreciation: Stochastic is already heading south after making a crossover in the overbought area; the MACD line got firmly rejected at zero and is likely to cross under a bit later.

We have established two price zones: $11.8 and $9.7, where BNB might find support during the next week’s downfall. Both these levels constitute the historical resistance that should keep the price from going under.

Author: Alex Paulson for Crypto-Rating.com

Related

The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB): All-Time High by the End of the Year?
Binance Coin (BNB): All-Time High by the End of the Year?
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin: Consolidating and Being Indecisive
Binance Coin: Consolidating and Being Indecisive

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.8% 46 $36 221.06 -2.99% -13.86% $686 064 825 763 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 57 $2 414.43 -1.84% -23.13% $288 112 201 953 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000716 0.02% 0.04% $78 248 084 207 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68% 65 $368.16 -3.30% -22.95% $60 788 563 476 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999993 -0.05% -0.03% $49 084 706 161 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 68.8% 63 $1.049679 0.84% -23.02% $35 219 986 893 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 73.2% 49 $0.607404 -2.29% -18.61% $28 995 606 140 XRP 7 days price change
8 Solana (SOL) SOL Solana predictions 69.2% 63 $89.10 -5.67% -35.11% $28 064 342 302 SOL 7 days price change
9 Terra (LUNA) LUNA Terra predictions 67.6% 67 $58.47 -6.55% -28.94% $23 484 802 131 LUNA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 64 $0.141356 -2.08% -14.15% $18 753 744 343 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 67.2% 69 $17.62 -5.50% -28.42% $17 399 544 470 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 68 $63.26 -7.41% -25.24% $15 489 310 635 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.998998 -0.15% 0.05% $14 526 773 505 BUSD 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 66.4% 72 $1.55 -2.17% -25.22% $11 572 347 692 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66.4% 70 $0.000021 -3.34% -25.29% $11 375 375 737 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.