The Binance Coin and other major cryptocurrencies endured another day of hard selling, triggering fresh bearish BNB price predictions. In the New York session on Monday, the BNB/USDT started to experience a slump, as Bitcoin, Ethereum, Shiba Inu, and several other major cryptos were targeted by short-sellers.
The slump on the Binance Coin also came off the back of negative news from Pakistan, where authorities have begun an investigation into how fraudsters were able to trick several Pakistanis into moving their crypto holdings from their Binance wallets to third-party wallets.
The scam is currently being investigated by the FIA, Pakistan’s federal investigative agency. However, this appears to have had no impact on Changpeng Zhao’s holdings, as the Binance CEO has made it to the top of the crypto billionaire’s list with a net worth of $96 billion.
The daily candle has violated the 427.6 support level. However, the bulls have fought back and the candle’s market price is tangling with this support. If the candle closes above this support, its sanctity is preserved and there could be an opportunity for a bounce towards 450.9. Any further recovery depends on the break of this resistance, targeting 481.2 and 511.3 in the process.
However, if a penetration close below 427.6 is the case, then the door will be opened for further selling, targeting 388.3 and potentially 328.5. If the bulls can defend this support level at 359.4 (early August 2021 highs), then there may be room for salvation at that level.
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This post was last modified on Jan 10, 2022, 16:57 GMT 16:57