The Binance coin price is slightly softer on Monday following reports the crypto exchange will stop services in Singapore in February.
Binance Coin (BNB) is trading at $559 (-2%) in Asian hours on Monday after the exchange announced it would cease offering services through its local site Binance.sg early next year. As of now, the exchange will not onboard new users or accept fresh deposits from existing users. However, existing customers can continue trading until the February 13th deadline.
The crypto market is generally weaker this morning, led by Bitcoin, which has pulled back around $2,000 from its intraday high. However, BNB is holding up relatively well, considering the news and overall market sentiment. At the current price, BNB is trading just 18% below its all-time high, compared to BTC’s 30% decline. Furthermore, buyers have recently taken advantage of the dips, providing considerable scale-down support approaching $500. However, the Bincae Coin price attracts supply above $650, suggesting the near-term top is in.
BNB Price Analysis
The daily chart shows that BNB is trading sideways to lower in the $500-$670 range. Below the market, the 100-Day Moving Average at $504 and several highs/lows provide the support. And above, a descending trend line from the May high caps the price at around $662.
For now, I don’t see an imminent catalyst to knock the Binance Coin price outside of the above range. On that basis, my immediate view is neutral. However, the market as a whole is sluggish and lacks bullish momentum. Therefore, I expect the price will head lower towards the $500 support level. But as long as BNB remains above the 100-DMA on a closing basis, it should continue its sideways journey.
Binance Coin Price Prediction
For more market insights, follow Elliott on Twitter.