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Alert: Important Support in View for Binance Coin Traders

Binance Coin BNB/USD testing one year lows via technical chart.
BNB/USD One Year Chart as of 17th August 2023

Important support for BNB/USD is now being battled. The price of Binance coin is near a key inflection value of 230.00 USD. The digital asset world including Bitcoin and other cryptocurrencies has taken on stronger selling recently. Legal issues surrounding Binance have not gone away, nor will they. If Binance starts to show stronger price velocity lower it could spook the broad cryptocurrency market in a large manner. Binance is still the biggest crypto exchange in the world, even as it has come under the investigative pressures of the U.S and some European nations.

Traders should pay attention to 'stablecoins' as a barometer of behavioral sentiment in the cryptocurrency landscape. Tether should be watched closely. If USDT sustains value below the 1.00000 USD level for more than a couple of days this would be a negative signal that 'players' in the cryptocurrency world are getting more nervous.

Bitcoin is also seeing steady selling early this morning and the price of BTC/USD is near 28,550.00 as of this writing. If BTC/USD were to break below the 28,000.00 this could also add to fear and noise in the cryptocurrency world.

The next seemingly important level for BNB/USD below is around the 225.00 USD mark if tested, if this level proved vulnerable and trading momentum continued downward stronger selling could develop if panic erupts surrounding Binance coin. Traders should be very careful in the cryptocurrency trading environment right now. Legal shadows hovering over Binance have existed for a long-time, and if selling pressure were to mount and values are suddenly tested from June of last year when the 200.00 BNB/USD level was last tested (this as FTX collapsed) this would clearly not be a good signal.


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