The Binance Coin (BNB) price is struggling to uphold the uptrend following an impressive jump from support slightly above $200 to highs at $232. After capitalizing on the gigantic bullish wave across the crypto market bolstered by improving sentiment due to growing optimism around the potential approval of a Bitcoin spot ETF, investors are considering locking in the gains.
Down 2.2% on Wednesday, BNB is trading at $225. The native token to the world’s largest cryptocurrency exchange has over the last couple of weeks depicted growing bullish muscle amid calls for a sharp move to usher in the bull run.
A 44% drop in the trading volume to $445 million hints at a potentially larger pullback, especially with the market cap sliding by 2.3% to $34 billion — market data from CoinMarketCap shows.
As we will see later in Binance Coin price prediction, support at $220 must hold, otherwise, the token risks falling to the local support at $200 where more liquidity is expected to build the momentum for the next breakout.
Binance Resumes Crypto Withdrawals
The largest crypto exchange announced via X (formerly Twitter) on Wednesday that it was “experiencing a technical issue with crypto withdrawals” and had resolved to “temporarily” pause withdrawals to allow the team to work on a fix.
Binance said at the time that fiat withdrawals had not been affected and remained available throughout the technical issue.
We are experiencing a technical issue with crypto withdrawals.
As a result, they are temporarily unavailable whilst our team works on the fix.
Fiat withdrawals are available and working.
All funds are SAFU. We apologize for the inconvenience and will update on progress.
— Binance (@binance) October 25, 2023
The crypto market remained calm with no major price movements as developers worked to resolve the issue.
Meanwhile, a subsequent post on X followed after roughly an hour indicating that “The issue is now fixed and all crypto withdrawals on #Binance are now back to functioning as usual.”
The issue is now fixed and all crypto withdrawals on #Binance are now back to functioning as usual.
Thanks for your patience, and we apologise for the inconvenience.
— Binance (@binance) October 25, 2023
BNB Price Prediction: Binance Coin Searching For Support
The correction from highs at $232 is exerting pressure on key support levels, with some like the 100-day Exponential Moving Average (EMA) likely to flip into resistance levels.
A daily close above the 100-day EMA (blue) is required to confirm the bullish grip on the uptrend and improve investor confidence. Traders would consider getting more exposure to BNB following the dip from the October highs if this support area holds.
However, with the Relative Strength Index at 65.65 retreating into the neutral area from the overbought region, the path with the least resistance is likely to shift to the downside.
As for traders willing to bet on extended dips in BNB price, declines below the 100-day EMA at $225 would serve as confirmation. The 21-day EMA (red) would be in line to absorb the selling pressure and prevent losses likely to sweep liquidity at $200.
Nonetheless, investors should not fret keeping in mind that the crypto market structure has greatly improved in October. Hence, the drop to $225 could be the rally taking a breather before making a larger breakout to $240 and $250 short-term recovery targets.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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