With regulators across the globe trying to take the cryptocurrency exchange, Binance down, its cryptocurrency Binance Coin [BNB] was seen residing in the bear market similar to all the other coins.
Changpeng Zhao’s Binance has been encountering a series of troubles. Regulators from Japan, UK, Singapore, and most recently, the Cayman Islands have been trying to oust the crypto platform out of the respective region, citing issues pertaining to license and registration.
This, however, did not have much of an impact on the crypto exchange’s native asset, Binance Coin [BNB]. BNB was undoubtedly the star of the crypto rally. Surging from as low as $64 all the way to a high of $700, caught the eye of many. The bear did not seem to like this impeccable growth of the altcoin as it went on to diminish it.
At the time of writing, BNB was trading for $284 with a 1.76% surge in the last 24-hours. Throughout the week, the altcoin barely noted significant losses or gains. In terms of market cap and ranking, the altcoin took over prominent assets like Cardano [ADA] and XRP. During press time, BNB was ranked third while its market cap stood at $43.69 billion.
Binance Coin [BNB] one-hour price chart
In the short-term price chart of BNB, it looked as though the bulls were making way for the bears. The Awesome Oscillator indicator was seen laying out dainty red bars after a few green bars. However, with red closing bars, the indicator affirmed the presence of the bear.
The MACD indicator was still residing in the bullish realm. But, the signal line was seen reaching out the MACD line, mostly heading for a bearish crossover.
After a notably short stay in the buyers’ market, BNB was headed back towards the sellers’ zone, the Relative Strength Index indicator affirmed.
All these indicators revealed that Binance Coin’s [BNB] journey towards $300 would take time.