BNB Price Prediction: BNB Gains 2% – Will Binance Coin Dominate the Month?
The price of Binance Coin (BNB) has climbed by almost 2% in the past 24 hours, with its move to $212.46 coming as the wider crypto market rises by a more modest 1%.
BNB is now down by 2.5% in the past week and by 2% in the last 30 days, with the exchange token also falling by 13.5% since the beginning of the year.
This drop has come in the context of numerous regulatory challenges for Binance, which has been sued by both the CFTC and SEC in the United States, while it has also exited a number of markets (mainly in Europe) after failing to secure licenses.
As such, BNB may struggle to see substantial gains this year, at least until Binance's regulatory situation becomes a little clearer.
BNB's indicators remain in an oversold position, even if the token has seen some improvements in the past few days.
Its relative strength index (purple) has begun rising towards 50 after dropping to 40 a few days ago, suggesting that the token may begin gaining some momentum and posting further gains.
That BNB should make a concerted recovery is also indicated by the coin's 30-day moving average (yellow), which has languished at some distance below its 200-day average (blue) since the beginning of the summer.
Normally, such overselling would indicate that a given asset would have to recover sooner or later, assuming that said asset were fundamentally sound.
However, in BNB's case its entirely arguable that its fundamentals have been permanently weakened as a result of the SEC and CFTC suing Binance, on a variety of counts (e.g. offering unregistered securities, circumventing controls).
To make matters worse, Binance has also exited a number of markets this year, while it has also seen a number of high-profile exits leave their positions.
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