Binance Coin Price Prediction: Bulls Facing Severe Headwinds

Has the Binance Coin price prediction changed for the better? Not at the moment, after more negative headlines continue to assault the Binance exchange from all sides. There seems to be no reprieve for the Binance exchange from regulators, as the Cayman Islands and Thailand joined a growing list of countries with punitive action against the exchange. 

While the Cayman Islands says it is probing the exchange’s operations (which it deems to be unauthorized), Thailand’s regulators have gone a step further to initiate criminal proceedings against Binance for providing unlicensed exchange services. 

These are not good times for Binance. The exchange has had to move its operational offices from China to Malta and Singapore. Recently, a leading law enforcement agency in the US says it was looking into crypto exchanges using Malta as a haven for money laundering. Japan, Canada, the UK and the US are countries where Binance is facing regulatory scrutiny.

Binance coin is trading 1.42% lower as of writing.

Binance Coin Price Prediction Outlook

Binance coin is testing support at 278.12 as a result of two days of selling. A breakdown of this support favours a bearish Binance Coin price prediction, with the 249.72 (27 March and 23 June lows) and 184.82 support levels forming additional targets to the south. The price wall at 210.91/222.99 may form intervening support between these two price pivots.

On the other hand, a bounce on the present support allows bulls to aim for 314.94. However, the break above this resistance allows for a recovery towards 357.04 and possibly 379.84. Otherwise, the price may end up trading within the range bordered by 314.94 above and 278.12 below.

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BNB/USD: Daily Chart

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