Binance Coin Price Prediction: $278 is a Likely Target If Trendline Gives Way

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Written By: Eno Ikenna Eteng

Aug 03, 2021, 19:20 BST 19:20

Summary:

As HSBC stops payments to Binance, bearish Binance coin price predictions ramp up and the BNB/USD pair could see 278 if a major trendline is broken.

Bearish Binance coin price predictions were ramped up once more after HSBC became the latest bank in the UK to block deposits via credit card to Binance. The bank cited the warning issued in June by the Financial Conduct Authority (FCA) as the reason behind the clampdown.

Barclays, Natwest and Santander UK are banks that had previously suspended payments on Binance, citing the regulator’s warnings. HSBC CEO had earlier distanced the bank from crypto transactions in May. Binance Coin fell 2.86% on the development.

Binance Coin Price Prediction Outlook

Tuesday’s drop is testing the combined support formed by the ascending trendline and the 314.94 support line. A breakdown of these support levels opens the door for sellers to push prices towards 278.12 (2/23 July lows), with 249.72 serving as an additional support target.

On the flip side, a bounce on these support levels allows Binance coin to retest the 333.89 resistance (12 July high). A successful advance beyond this point will target 357.04 and possibly 379.84 if the advance is extensive.

Binance Coin: Daily Chart

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Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.