No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Binance announced the Binance Account Bound token on September 8th.
BAB will be proof of identity for Binance Chain
Binance Coin Loses Critical Support After Inflation Data
A week ago, Binance BNB/USD announced the launch of the Binance Account Bound Token, or BAB. The crypto exchange described it as a soul-bound token used only as proof of KYC verification. Users can create new tokens on the BNB chain, participate in projects and generate rewards.
BAB’s launch coincided with a surge in BNB price and trading volume on the exchange. BNB trading volume rises above 1 billion units, highlighting the importance of the latest developments. Earlier gains now appear to be weakening.
On the technical side, BNB price has started a bullish breakout from the inside bar. Our latest call showed that the breakout is likely to push BNB towards $326. However, Tuesday’s inflation data triggered a bear market for BNB. This has pushed BNB back to $274 and below the key support at $278. Do Prices Show BNB Is Bearish?
eToro is one of the world’s leading multi-asset trading platforms offering the lowest commissions and commission rates in the industry. Perfect for beginners due to the social copy trading feature.
Buy BNB on eToro today
Binance is one of the largest cryptocurrency exchanges in the world. Suitable for more experienced investors, with over 600 cryptocurrencies to choose from. Binance is also known for its low transaction fees and multiple trading options that users can benefit from. Peer-to-peer trading, margin trading, spot trading.
Buy BNB on Binance Now
Source TradingView
On the technical side, BNB lost the battle at the $278 support, 20-day and 50-day moving averages. The MACD line is also closing below the moving averages amid increasing bearish pressure. However, no bearish momentum has been confirmed at this time.
At current prices, BNB is still not below the main bar, so the inside bar breakout has started. The price needs to break below $261 to confirm a bearish move. At the same time, BNB is not attractive at $274. All technical indicators are bearish.
More price action is needed to confirm a bullish or bearish bias for BNB.
