2023-07-23 16:35:00
The Binance Coin (BNB) price has been stable for the last 24 hours, with a current level of $242, which represents a loss of 2.6% in the last seven days. BNB is also down 1.9% in the last 30 days and is actually down 1% year-to-date, unlike most other major cryptocurrencies (e.g., Bitcoin is up more than 80% since January).
Although BNB managed to resist the decline below the $240 support level, it is debatable that further declines are likely, given the issues Binance as an exchange and a business has been facing over the past few months.
BNB Price Prediction as Bulls Hold $240 Level – Is It Time to Buy?
BNB may have struggled over the past week, but now it looks like it might be on the verge of a comeback.
Source: TradingView
Its relative strength index (RSI – purple) has just exceeded 50, whereas it was below 40 at the start of the week. This signals a modest growth in momentumbut BNB’s 30-day moving average (yellow) still needs to fall below its 200-day moving average (blue) before the altcoin can hope to rebound higher.
Good news, however, is that BNB support level (green) has held up well over the past few weekswhich suggests that its price will not drop much further before recovering. BNB might potentially return to $250 in the next few weeks, before possibly hitting $260 in the next few months. This is the short term chart, but in the medium to long term, the outlook does not look entirely rosy for the altcoin.
This is due to the apparent difficulties that Binance seems to be facing currently, with more news each week suggesting that the exchange is struggling.
More recently, it was reported that Binance had laid off over 1,000 employees, offering the latter two months of salary in the form of BNB. At the same time, Binance withdraws from certain markets and/or is denied licenses in different jurisdictionswhile facing legal action in the United States from the SEC (Securities Commission) and the CFTC (Commodity Futures Trading Commission).
For this reason, now is not the best time to invest in BNBwhich might suffer several more losses before Binance can stabilize its situation.
Assuming things get even worse for Binance before they get better, BNB might end up going down to $200 by the end of the year.
New altcoins offer more promise
Since BNB may struggle in the future until Binance resolves its issues, many traders and investors would be better advised to consider alternatives.
Fortunately, there is a wide selection of new altcoins on the market that show great potential, with several particularly promising pre-sale tokens. One of the best of them is Wall Street Memes (WSM)a new ERC-20 token that hasalready raised more than $16.7 million during its presale. WSM is a meme token that emerged from the online stocks movement (which led to GameStop and AMC rallies in 2021). So it already has its roots in a strong online community, with plus de 253 000 followers on his twitter account.
This enthusiasm partly explains why he has raised more than $16 million in just a few months, and it should also help the WSM token see a rise when it is listed on exchanges in the coming weeks.
A major factor in WSM’s ability to grow such a large community is the fact that 50% of its supply has been allocated to its presale, while 30% is for community rewards. This decentralized offering gives its holders a larger stake in the token, while reducing the risk of massive sell-offs or sudden withdrawals from a large holder. New investors can participate in the WSM pre-sale by visiting the Wall Street Memes official websitewhere 1 WSM is currently available at a price of $0.0322.
The presale will end with WSM selling at $0.0337, a price that might end up looking markedly cheap once the token is listed on exchanges.
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.
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