Key Takeaways:
- BNB could drop to its year-low by the end of Q2.
- Technical back the bearish prognosis.
- Westpac Bank discontinued Binance Australia support.
YEREVAN (CoinChapter.com) – Binance’s in-house token BNB has flatlined for the previous ten days and changed hands at $310 in the Asian Pacific session on May 19. The token also risked a 30% drop in the current quarter due to a bearish technical setup.
BNB is headed to a year’s low
BNB has been trading within a pattern dubbed the ‘rising wedge.’ The latter entails two converging trendlines and a significant mid-range that take the token price incrementally higher while lowering the price swing, as seen in the chart below.
The rising wedge is a bearish reversal pattern predicting a drop equal to the wedge’s maximal height after the asset price action breaks below the support. As of May 19, BNB retested the support and did not confirm the rising wedge yet.
However, given the declining trading volumes and the bearish MACD oscillator, a further drop in price appears likely. If confirmed, the rising wedge could take Binance coin as low as $208, or 30% below the current value.
Binance Australia discontinues withdrawals.
Binance Australia said on May 18 that it is “unable to facilitate PayID AUD deposits for Binance users” due to a third-party payment service provider – Westpac Bank’s decision to discontinue support for the crypto exchange.
Scott Collary, the group executive of customer services and technology at Westpac, asserted the following:
Digital exchanges have a legitimate role to play in the financial ecosystem. But since the rise of digital currency, we’ve noticed that scammers are increasingly using overseas exchanges.
said Collary.
The bank also asserted that Westpac customers typically discover they have been scammed when the funds have already left the country. At that point, recovering the stolen funds is “extremely difficult.”
Binance Australia informed its clients that the company is “working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”
Binance also noted that users could “rest assured” that their funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations.
Also, read: Lido DAO Presents Proposal LDO Staking Plan As Token Outshines Peers.
