The BNB/USDT pair is up 6.12% on the day, with Binance coin looking good to end the day on a positive note, after a resurgence in cryptocurrencies this weekend. However, the recovery moves continue to lack sufficient momentum for the previous highs to be regained.
There is still a lot of FUD in the market, and comments by central banks regarding cryptocurrencies across the world are not helping in this regard. Derville Rowland, DG of financial conduct in the Irish Central Bank, said in a Bloomberg interview Monday that the growing interest in cryptocurrencies was of great concern. Harping on the unregulated nature of these investments, Rowland warned that crypto investors could lose everything, apparently referencing the record levels of liquidations seen after China’s move against the crypto market.
Similar warnings from the ECB Chair Christine Lagarde and BoE Governor Andrew Bailey have not stopped speculative interest in Binance coin and other cryptos.
The outlook for Binance Coin depends on the price action at the descending trendline. If the price breaks above this trendline, we could see Binance Coin hitting 388.35 (26 May 2021 high), with 427.63 and 450.91 forming additional targets to the north.
On the other hand, a rejection at the trendline allows the price to retest the 300.00 psychological support initially before targeting the 279.23 support level (18 March high/19 May low). If the decline continues, then the Binance price prediction would be for a descent to the support zone, which has 200.00 as the price floor.