Like many other cryptocurrencies, BNB (coin review) remains supported after Bitcoin’s price managed to climb close to $60,000, buoyed by flows into new U.S. spot bitcoin exchange-traded products that have driven it up 39.7% in February, which would mark its largest monthly rally since December 2020.
It is important to say that Bitcoin exchange-traded funds (ETFs) recorded over $3 billion in cumulative trading volumes only on Tuesday (February 27, 2024), while Some analysts also pointed to the Bitcoin halving event, expected in April, as a new narrative that causes an optimism on the cryptocurrency market.
BNB has advanced more than 40% since February 01, 2024, rising from $296.2 to a high of $417.9. The current price of BNB stands at $413, and for now, bulls continue to control the price movement. It is also essential to say that this BNB price rally comes even though Binance is facing one of US history’s most substantial criminal penalties. So where is the price of BNB going next, and what can we expect from March 2024?
Today, Crypto Lists will discuss BNB price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Binance is facing one substantial criminal penalties
BNB is the exchange token of the Binance crypto exchange that was launched on the Ethereum blockchain but later migrated to the Binance Smart Chain, now called BNB Chain. BNB has many other purposes within the Binance ecosystem and has been integrated into various applications and services. BNB is implementing a series of measures, including the reduction of trading fees on the Binance exchange, covering transaction fees on both the BNB Beacon Chain and BNB Smart Chain, and finding applications in games and decentralized applications (DApps) within the BNB Chain ecosystem.
BNB has surged by over 40% since February 01, 2024, despite the world’s leading cryptocurrency exchange Binance is facing one of US history’s most substantial criminal penalties. Following approval from a judge, the exchange accepted a $4.3 billion plea deal to settle charges related to anti-money laundering and sanctions violations. Binance’s legal troubles stem from admissions of facilitating transactions for entities like Hamas, amongst other terrorist groups, a fact that underscored the gravity of their compliance lapses.
During a sentencing hearing in Seattle, US District Judge Richard Jones emphasized the ethical breaches driven by greed in response to these charges. The plea deal requires the appointment of an independent compliance monitor for a period of up to five years. While the position remains unfilled, there are rumors circulating that it may be assigned to Sullivan & Cromwell, a prestigious law firm based in New York.
Supply: 166,800,992 / 166,800,992
Release date: July 29, 2017
Description: Discover Binance Coin and be part of the cryptocurrency revolution.
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Binance accepts full responsibility
The resolution of these legal challenges represents a crucial moment for Binance and it is important to say that prosecutors underscored how Binance exploited vulnerabilities within the financial system for their own financial gain. Binance’s deputy general counsel, Josh Eaton, expressed the company’s acceptance of complete responsibility for the previous actions and its satisfaction with the improvements made in compliance measures over the past few years. Binance’s deputy general counsel, Josh Eaton, said:
“Binance accepts full responsibility for its past and for the reasons we’re sitting here today. We’re also proud of the compliance enhancements.”
Despite the significant consequences, such as a possible 18-month prison term for founder Changpeng Zhao, who has resigned as CEO and consented to a $50 million fine, the value of BNB continues to rise which demonstrates the volatile and unpredictable nature of cryptocurrency markets. According to some crypto analysts, this situation reflects investor confidence in Binance’s future and its ability to navigate through its legal and compliance challenges.
Technical analysis for BNB
BNB has advanced more than 40% since February 01, 2024, rising from $296.2 to a high of $417.9. The current price of BNB stands at $413 and despite the minor correction, bulls continue to control the price movement. Many analysts say that more investors could purchase BNB in the weeks ahead, and as long the price of BNB is above $380, the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for BNB
On this chart (the period from December 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of BNB, and if the price advances above $440, the next target could be $450 or even resistance that stands at $460. The important support level is $400, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $380. If the price drops below $380, which also represents strong support, the next target could be located around $360.
What speaks for the rise in the BNB price
The important reason for BNB’s current price surge is that it has been following the growth of Bitcoin, just like the rest of the cryptocurrency market. BNB price rally comes despite the fact that Binance is facing one of US history’s most substantial criminal penalties and many crypto analysts expect BNB to maintain a positive trajectory in the upcoming weeks or even months. For the bulls to remain the control of price movement, a move above $440 would be beneficial.
What indicates the downfall of BNB
It’s crucial for investors to bear in mind that cryptocurrency markets are renowned for their extreme volatility. Therefore, investing in cryptocurrencies should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this space.
The downfall of BNB can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. BNB is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.
What do analysts and experts say
BNB is showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since February 01, 2024, this cryptocurrency has surged more than 40%. This BNB price rally comes even though Binance is facing one of US history’s most substantial criminal penalties and Binance’s deputy general counsel, Josh Eaton, expressed the company’s acceptance of complete responsibility for the previous actions.
Binance’s legal troubles stem from admissions of facilitating transactions for entities like Hamas and the exchange accepted a $4.3 billion plea deal to settle charges. Despite the significant consequences, like the potential 18-month prison sentence for founder Changpeng Zhao, who has stepped down as CEO and agreed to a $50 million fine, the value of BNB continues to surge which demonstrates the volatile and unpredictable nature of cryptocurrency markets. Some cryptocurrency analysts interpret this scenario as a reflection of investor trust in Binance’s prospects and its capacity to navigate its legal and compliance hurdles.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
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