Home Analysis Binance Coin price outlook as BNB Chain transactions slip

Binance Coin price outlook as BNB Chain transactions slip

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  • BNB coin, like other cryptocurrencies, is currently in a consolidation phase.

  • The number of transactions in the ecosystem has fallen from its April high.

  • Amid growing divisions, there are also concerns about the U.S. debt ceiling.

binance coin Prices remained flat amid concerns over the debt ceiling. The token surged to a high of $346 in April before dropping to $315, giving it a market capitalization of over $47 billion. The coin is hovering about 39% above its low this year.

Debt ceiling concerns remain

The main reason the BNB price hasn’t fallen in recent days is the ongoing risk-off sentiment in the market. This sentiment is evidenced by the rise in the US dollar index (DXY) and the VIX index, as I have written. here.

The biggest concern among investors is the ongoing debate over the US debt ceiling. As the rift between Democrats and Republicans widens, there are fears that the U.S. government will default.

The conspiracy was further intensified when major credit rating agency Fitch put the US government on the watch for downgrades. This means the company has no intention of delaying the downgrade of the government in the coming days.

as written in this article, Such a default is unlikely, as both sides are likely to reach an agreement within 11 hours. Most of the time, cryptocurrencies tend to move in sync with each other, which explains why other coins have fallen.

Binance coin price transaction while the ecosystem is declining. According to BNB Explorer data, the number of transactions in the ecosystem dropped from 5.337 million on May 17th to $4.41 million on May 24th.

At the same time, daily BNB trading volume is trending down significantly as shown in the graph below. This is also the case with other cryptocurrencies such as Bitcoin, Ethereum, and Solana.

BNB price prediction

The 4H chart shows that the Binance Coin price has moved sideways over the past few days. In retrospect, the coin is struggling to hold above key resistance at $337, the August 9, 2022 high. The coin also failed to break above this level in February, March and April of this year.

BNB coin price is trading just below the 25 and 50 period moving averages. Volume has been declining since peaking in November 2022. Therefore, the outlook for Binance Coin is likely to remain below the key support of $300. A break below this level will open the possibility for the coin to drop to the key support of $265.7.

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