Binance, the largest cryptocurrency exchange in the world, is facing accusations of market manipulation and falsified trading volumes. The allegations have raised concerns about the actual worth of Binance Coin (BNB), the exchange’s proprietary currency.
Analysts have pointed out the markedly lower realized volume of BNB compared to Bitcoin and raised concerns about wash trading.
4. Binance have not sold BTC or BNB. We even still have a bag of FTT.
It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD. ♂️ pic.twitter.com/M3MUH2bFRE
— CZ Binance (@cz_binance) June 13, 2023
Binance’s CEO, Changpeng Zhao, has denied any wrongdoing and defended the exchange’s practices despite accusations. Nevertheless, concerns in the cryptocurrency community remain unquelled.
The United States Securities and Exchange Commission (SEC) has accused Binance’s US entity, Binance.US, of violating securities laws and engaging in wash trading through its trading firm Sigma Chain, which is owned by CZ.
— CryptoSlate (@CryptoSlate) June 14, 2023
Binance and CZ have denied the allegations and pledged to defend their position in court. The accusations against Binance and its US entity have further fueled concerns about the exchange’s practices and the actual worth of BNB.
Market analysts have raised worries about alleged “wash trading” at Binance, accusing the exchange of fostering a deceptive image of support for BNB. They contend that BNB’s market activity seemed “forged,” underlining its markedly lower realized volume when juxtaposed against Bitcoin.
Despite the accusations and concerns, Binance remains one of the largest and most popular cryptocurrency exchanges in the world. The ongoing controversy, however, may have ripple effects on the broader cryptocurrency market and the way exchanges operate in the future.
BNB Price Prediction and Technical Analysis
Binance Coin (BNB) has been trying to find solid footing following a considerable drop from its previous range of $301 to $317 on June 5. After some difficulties, BNB seems to have stabilized slightly, and at the time of writing, is trading at $245.9, demonstrating a modest gain of 0.70% so far today.
Despite the mild uptick in price, a glance at the technical indicators reveals a slightly more complex picture.
Exponential Moving Averages (EMAs) Signal a Persistent Bearish Trend
The 20-day, 50-day, and 100-day EMAs are all standing above the current BNB price at $271.8, $293.1, and $301.4 respectively. This signifies a persistent bearish trend, with BNB trading well below its recent historical average prices.
RSI Indicates Oversold Territory: Potential for a Price Rebound
The RSI stands at 29.58, up from 28.20 the previous day. This suggests that BNB is currently oversold. Typically, an RSI below 30 is an indication of overselling, and it may hint at a potential price rebound in the near term, especially if coupled with positive news or events.
MACD Histogram: Slowing Bearish Momentum May Lead to Bullish Crossover
On the other hand, the MACD histogram value is at -4.4, which improved from -5.7 yesterday, indicating a potential slowing of the bearish momentum. The MACD, which measures the relationship between two moving averages of a security’s price, could be signaling the start of a bullish crossover should it continue its movement toward the positive side.
Market Cap and Volume Dynamics Reflect Period of Uncertainty and Consolidation
Market capitalization for BNB has increased by 4.71%, rising to a hefty $38 billion. However, trading volume has decreased by 17.51% to $694 million, indicating a reduced level of trading activity. This could be seen as a period of consolidation or uncertainty among traders.
Fibonacci Levels Highlight Key Resistance and Support Levels: A Critical Balance in BNB’s Price Trajectory
Looking at the Fibonacci levels, BNB has resistance at the Fib 0.236 level at $243.4. Breaking through this resistance could signal a short-term upward trend. On the flip side, BNB has found temporary support between the range of $220.6 to $231.1.
If this support level fails, the coin might tumble further to retest its next support level between $183.2 and $197.4 – a range last retested from June 18 to June 19, 2022. Notably, this support level aligns with the extended Fib -0.236 level and Fib -0.382, underlining its significance.
While the current outlook of BNB appears bearish, given the prices are trading below the EMAs and the negative MACD, the oversold RSI and the improvement in the MACD histogram could provide the impetus for a potential turnaround.
Traders should closely monitor these key resistance and support levels to make informed decisions.
As concerns over Binance and BNB continue to mount, many investors are shifting their focus to top trending altcoins like YPRED, LPX, ECOTERRA, and LINK, which have been gaining traction due to their promising growth potential and strong fundamentals.
yPredict: Your Guide to Identifying Trending Altcoins for Growth
With its much-anticipated release on the horizon, yPredict, the state-of-the-art AI-powered crypto trading and market intelligence platform, has already achieved an outstanding milestone of over $2.35 million in presale funding, underscoring the immense interest and belief in its potential.
Embark on an extraordinary AI-powered journey with #YPredict! It’s not just a utility token, but a gateway to a world of groundbreaking products and possibilities.
Experience unparalleled marketing excellence with our industry-leading content editor, designed to… pic.twitter.com/heQoBiRmPS
— yPredict.ai (@yPredict_ai) June 12, 2023
yPredict’s cutting-edge AI-powered crypto price prediction system is a game-changer for the crypto industry, providing traders and investors with powerful insights and analyses that were previously unimaginable.
yPredict has revealed plans for new AI tools that go beyond crypto analytics, as well as an affordable, self-hosted content solution designed for medium-to-large content teams.
It emphasizes streamlining content creation and enhancing productivity, offering features like user management and task assignment systems along with AI-powered content editing and scoring systems.
The ongoing presale of the project has now reached stage 6, where $YPRED tokens are available for purchase at a price of $0.09 each.
The project has set a hard cap of $6.5 million, and the tokens will be listed on major crypto exchanges later this year at a price of $0.12.
For investors seeking the most promising trending altcoins to invest in, $YPRED presents a potentially lucrative opportunity.
yPredict’s crypto price prediction system will remain open and free to all users. Besides offering crypto price predictions, yPredict will cater to a broader range of industries, with a focus on providing a comprehensive platform for traders and investors.
This platform is designed with state-of-art predictive models and data insights, offering dozens of AI-powered signals, pattern recognition, and social/news sentiment features, promising a significant edge in crypto market intelligence.
Maximize Your Investments: Ride the Wave of Trending Altcoins with $LPX
Internet start-up, Launchpad XYZ, celebrated a milestone in its presale fundraising campaign recently, hitting the $975,000 benchmark just a few weeks into the launch.
The price of its native $LPX crypto token, the next potential best-trending altcoins to buy, has surged from $0.035 to $0.0445, presenting an attractive opportunity for investors ahead of its next price increase.
Crypto got you feeling like a loser? We get it.
— Launchpad.xyz (@launchpadlpx) June 12, 2023
Developing an all-encompassing web3 platform, Launchpad XYZ seeks to simplify the often-confusing web3 space.
They plan to construct a user-friendly portal that grants users effortless access to the most promising projects in the blockchain sphere, spanning everything from NFTs to play-to-earn games.
Launchpad XYZ plans to elevate the $LPX price over nine presale stages, climaxing at $0.0565, the listing price for their decentralized exchange in Q3 2023. Early investors could potentially see significant returns.
The company’s ambitious web3 platform is garnering considerable attention, offering users tools to analyze, trade, and invest in NFTs, fractionalized assets, and utility tokens.
Crypto enthusiasts are eager to utilize Launchpad XYZ’s integrated presale analysis tools, which promise to help uncover the next 100x Web3 asset.
Launchpad XYZ’s platform also extends beyond trading tools and into the educational territory, aiming to assist newcomers to the crypto scene with their “Alpha” section.
Bridging the gap between the metaverse and play-to-earn web3 gaming worlds, Launchpad XYZ also plans to incorporate a metaverse library and web3 gaming hub.
With the intention of promoting mass adoption, they hope to serve as a conduit between Web2 and Web3 for brands, facilitating their transition into the world of immutable contracts and validated data.
The $LPX token is the backbone of the Launchpad XYZ ecosystem. Staking a minimum of 10,000 tokens entitles owners to an array of benefits such as fee discounts, access to whitelists of NFT mints, presales, beta play-to-earn game launches, and more.
This encourages the long-term holding of the token, potentially mitigating sell pressure post-listing.
Launchpad XYZ’s whitepaper indicates that core features of the platform will launch in Q3 2023, which may create significant demand for the platform’s native $LPX token if user adoption takes off.
With a maximum token supply of 1 billion and a fully diluted market cap of $70 million at launch, $LPX could be the next big thing in the Web3 crypto space.
Go Green, Earn Green: ecoterra’s R2E Platform Makes It One of Today’s Trending Altcoins
ecoterra, a unique Recycle-to-Earn (R2E) platform, is taking steady strides towards its release, gaining significant attention in its presale.
This promising green crypto project has made significant progress on its development roadmap, having surpassed the notable $5.11 million presale landmark.
— ecoterra (@ecoterraio) June 14, 2023
ecoterra’s R2E platform, a compelling blend of blockchain technology and environmental consciousness, is prepping for user application acceptance for its beta version.
The R2E application is set to function in all regions that support Reverse Vending Machines (RVMs), which will present a significant market opportunity for this sustainable cryptocurrency project.
An insight into the ecoterra application reveals a user-friendly, sleek design compatible with both desktop and mobile platforms.
The user experience is expected to be intuitive and straightforward, encouraging broad adoption.
The application has integrated significant beverage brands like Coca-Cola, Carlsberg, and Evian into its database of scannable products, enabling users to scan, recycle, and earn rewards in the form of cryptocurrency.
While the alpha version of the R2E application is anticipated for a year-end release, the presale of ecoterra’s native token, $ECOTERRA, has already shown remarkable success.
The project will enter its final presale stage when the presale reaches $5.7 million.
Once the presale concludes at the $6.7 million mark, $ECOTERRA will launch across major crypto exchanges next quarter, offering one of the best trending altcoins to buy for environmentally conscious investors.
Following a significant price drop, Chainlink (LINK) is among the trending altcoins experiencing a surge in activity by major players, as per data from Santiment.
Despite a weekly drop of roughly 12.94%, the current trading price of LINK stands at around $5.40, a low that has not been seen in three years.
The amount of #Chainlink whale transactions has hit a 2023 high as prices fell to a 3-year low $5.00 this weekend. Mid-sized 1K-100K $LINK wallets are particularly accumulating big, with 3.9M $LINK (worth $20.0M) accumulated in the past week. https://t.co/pY7fezqxJP pic.twitter.com/K3P5EXoKeO
— Santiment (@santimentfeed) June 13, 2023
Interestingly, wallets that previously held between 1,000 and 100,000 LINK have seen an increase to almost 3.9 million LINK, worth an estimated $20 million.
This increased activity by high-profile crypto investors marks a peak that has not been seen so far in 2023.
The cause of the price reduction is unknown, and there are a number of speculations surrounding it. However, some traders may perceive this dip as an opportunity to add to their LINK reserves, particularly given the heavy purchasing of LINK by these influential players, which may indicate an upcoming bullish market cycle.
Chainlink has been identified as a token with significant potential for price growth in the next bullish cycle as institutional crypto adoption progresses toward mainstream acceptance.
The anticipation of a bullish market phase is growing, fueled by a close watch on Chainlink’s performance.
@chainlink functions allow anyone to connect a smart contract to any Web2 API, unlocking a new frontier of Web3 and Web2 integrations
— Avalanche Developers (@AvaxDevelopers) June 13, 2023
Additionally, Chainlink’s recent integration with the Avalanche network is viewed as offering potential opportunities that could drive broader acceptance, thereby supporting the long-term expansion of Chainlink’s ecosystem and potentially enhancing the token’s price.
While controversy swirls around Binance, trending altcoins like YPRED, LPX, ECOTERRA, and LINK continue to gain momentum. Their ambitious concepts, real-world utility, and exponential growth opportunity have attracted significant interest from investors seeking stability and upside potential.
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