BNB, the native token of Binance Exchange, has become one of the largest cryptocurrencies in the world. With a current price of $260, the market cap is over $39 billion, making it the fourth largest asset in the market. However, despite the fame the cryptocurrency has gained during this time, one crypto analyst is still expecting a massive price drop that could shake the entire crypto market to its core.
Crypto analyst Alan Santana’s analysis, published on the TradingView website on Tuesday, December 19, indicates that the BNB token is in a long-term distribution phase, which is after reaching its all-time high price in the year 2021 started. This has caused BNB price to trade below its 200-day moving average and there are expectations that this bearish pressure could push the price back to 2018 lows.
However, Santana emphasizes that it is impossible to determine a specific end point and that the chart is pointing downwards, meaning the price of the BNB token could fall sharply. This is further compounded by the issues Binance Exchange is having with regulators. The suspension of the exchange’s stablecoin issued by Paxos at the direction of regulators, as well as the payment of billions of dollars in fines to the US Securities and Exchange Commission by the founder and the resignation of the CEO show the difficulties the exchange is facing.
The crypto analyst points out that the exchange will make some restructuring and changes in the corporate network and that they are waiting for the best time to make this move. According to the analyst, a pullback from the current rally would be the best time for them.
Despite the gloomy prediction that the crypto market could collapse if this happens, the crypto analyst is convinced that this is a positive in the long term. He explains that life will evolve and time will decide who is right and who is wrong.
It is important to note that the article is for educational purposes only and does not represent NewsBTC’s opinion on whether to buy, sell or hold investments. Of course, investments involve risks and it is recommended that you conduct your own research before making any investment decisions. Use of the information provided on this website is entirely at your own risk.
2023-12-22 23:27:10
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