Binance Coin has pared some of the week’s losses with a strong upside push of more than 12% on Wednesday. The Binance Coin had started off the week on weak footing, tilting most Binance Coin prediction models towards the bearish end as the price fell from $380 to $225 in two days of trading.
The price drop in the BNB/USD pair came as UK bank TSB announced it would block transactions made from its customers’ accounts with the Binance exchange, citing security issues. This move would automatically stop nearly 5 million users from making deposits or conducting withdrawals from their Binance accounts to the TSB fiat accounts.
Binance CEO Chaopeng Zhao (CZ) said on Tuesday that the exchange would fix the security vulnerability. Binance Coin has recovered slightly on Wednesday, as did most of the major cryptos.
Tuesday’s bounce on the support wall between 207.19 and 222.99 marks the completion of the measured move following the resolution of the symmetrical triangle. The BNB/USD pair is aiming for a test of the resistance at 314.94. A break of this area allows the bulls to charge towards 357.04, with additional targets to the upside found at 379.84 and the 400.01 psychological price level.
On the flip side, a lack of follow-through buying puts the 278.12 support at risk. Below this level, the price wall at 207.19/222.99 serves as additional support. This barrier has stood firm since 27 February. If it gives way, 184.82 and 138.05 could emerge as new targets to the south.
