Binance rally slows down
Last week’s Binance token rally is losing upside momentum as traders await today’s US PPI and Thursday’s CPI releases.
Binance rally slows down
The Binance token’s surge last week was buoyed by a wave of optimism surrounding US regulatory developments. The SEC unveiled a fresh agenda aimed at easing crypto regulations - including proposals to integrate digital assets into traditional financial markets and establish safe harbours for crypto transactions.
This marked a significant policy shift under the current administration, markedly more supportive than prior enforcement-heavy approaches, which had previously targeted firms like Binance and Coinbase.
BNB technical analysis
Binance remains sidelined below record high
Binance bullish scenario:
Binance's rally off its early August low has so far taken it to a record high at $900.80 on 22 August, a rise above which may lead to the psychological $1,000.00 mark being eyed next.
First, though, the 8 September high at $885.70 needs to be exceeded on a daily chart closing basis.
Further range trading will remain in play while the current September high at $885.90 caps and the 15 August low at $813.20 underpins.
Binance bearish scenario:
A bearish reversal and fall through the early September low at $839.50 may engage the 26 August low at $831.10 and perhaps also the 15-to-20 August lows at $818.90-to-$813.20.
In case of the $818.90-to-$813.20 support zone being fallen through, the 23 July high at $810.20 may be reached and perhaps also the 11 August low at $792.70. A fall through that level on a daily chart closing basis may push the early August low at $729.70 to the fore.
Important to know
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Connect with us
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Professional clients trading spread bets and CFDs can lose more than they deposit.
Options and futures are complex instruments which come with a high risk of losing money rapidly due to leverage. They’re not suitable for most investors. Before you invest, you should consider whether you understand how options and futures work, the risks of trading these instruments and whether you can afford to lose more than your original investment.
Trading stocks and shares ‘on margin’ within a US options and futures account – meaning that you only finance part of the cost of acquiring a position in a security – carries additional risks over buying securities on a fully funded basis and may result in losses exceeding your original investment. Trading on margin will also result in additional costs to you as the investor and any securities purchased using margin may be held as collateral by the lender, restricting both your rights as shareholder, and your ability to use the securities until the margin trade is closed. You should familiarise yourself with these risks before trading on margin.
The value of shares, ETFs and other ETPs bought through a share dealing account, a US options and futures account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Some ETPs carry additional risks depending on how they’re structured, investors should ensure they familiarise themselves with the differences before investing.
Share dealing and IG Smart Portfolio accounts provided by IG Trading and Investments Ltd, CFD accounts and US options and futures accounts are provided by IG Markets Ltd, spread betting provided by IG Index Ltd.
IG is a trading name of IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764), IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Trading and Investments Ltd (Register Number 944492) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.
The information on this site isn’t directed at residents of the United States, Belgium or any particular country outside the UK and isn’t intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.