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Binance Coin price prediction: BNB rejected further upside around $42

TL;DR Breakdown  BNB/USDT currently trades around $41.5.  Binance Coin trades under a strong resistance.  Closest minor support level around $40. Binance Coin currently trades around $41.5 and has a market cap of $5.9 billion. BNB has moved by 1.43 percent during the past 24 hours with a volume of $520 million. Overall, BNB/USDT has traded […]

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TL;DR Breakdown

  •  BNB/USDT currently trades around $41.5.
  •  Binance Coin trades under a strong resistance.
  •  Closest minor support level around $40.

Binance Coin currently trades around $41.5 and has a market cap of $5.9 billion. BNB has moved by 1.43 percent during the past 24 hours with a volume of $520 million.

Overall, BNB/USDT has traded sideways, with rejections being made both further upside and downside. Therefore, today BNB will likely show the market direction for the upcoming days.

Binance Coin price prediction: BNB rejected further upside around $42 1

Cryptocurrency heat map by Coin360

Binance Coin Price Prediction: BNB to continue to move sideways

At the time of writing, BNB trades at $41.5 and has a strong resistance around the $41.5 area. BNB/USDT opened at $41.87 earlier today after further upside yesterday.

The move is a continuation of several day rallies after a strong rejection at the beginning of the week. The rejection earlier this week caused a loss of over 20% on the 10th and 11th of January. However, the Binance Coin rejected further downside as soon as the $35 level was reached. Therefore, we can expect the overall uptrend to continue as long as this level is respected.

A clear ascending trendline is still in place. It was confirmed by a third touch when the BNB made a move from $45 to $35. As long as BNB does not move below it, the current several-week momentum is set to continue.

Binance Coin price movement in the last 24 hours

The price of Binance Coin has increased by 1.1 percent over the past 24 hours. The price currently trades close to yesterday’s close, and some volatility can be seen as minor rejections for both further upside and downside are made.

Binance Coin currently trades in a range of around $41-42. Until a clear break away from this area is made, further sideways is expected today. 

Binance Coin price prediction: BNB rejected further upside around $42 2

Binance Coin price chart by TradingView

BNB/USDT 4-hour chart – price ready to rise further?

The next major resistance for BNB can be seen around $45. A new yearly high was set around this level last week. After a retest of the $45 resistance, a double top was made, indicating strong selling pressure around this area.

If BNB breaks above the current consolidation, a further 6-8% move to the upside can be expected in the upcoming 24 hours. If the $45 area is reached, traders should pay close attention to what happens next. 

Another key level to watch is the $40 level. BNB could retest it over the weekend, and it would likely cause a consolidation that could last several days. The market would likely remain as such till it approaches the previously mentioned ascending trend line. However, if BNB/USDT moves below the $40 support and ascending trend line, the current uptrend would collapse, and spend several months in a downtrend once again.

Binance Coin Price Prediction: conclusion 

As BNB/USDT has continued to move sideways for the past 24 hours, a clear direction for the market cannot be made. However, BNB moved higher for the past few days, which would mean another short-term pullback would be healthy for the market structure.

A critical level to watch right now is the $41.5 resistance. When the price moves away from it, BNB will likely move towards the $45 yearly high or the $40 local support.

Binance Coin is still among the best performing crypto exchange tokens as Binance is still one of the top exchanges globally. 

For further reading, check out our in-depth guide on How to Trade on Binance

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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