BNB

Investors in the cryptocurrency market need to be aware of which digital currencies are worth their time and money. Understanding which cryptocurrencies to avoid is also an art that can prevent investors from losing money in this vast field. This article provides a brief list of cryptocurrencies that traders and investors should be cautious about in the coming week due to high uncertainty.

Binance, the leading cryptocurrency exchange by volume, is facing regulatory challenges due to allegations of aiding in the evasion of sanctions. This comes as Russian citizens increasingly turn to crypto amidst war, and Binance discontinues its P2P services to sanctioned Russian banks.

As long as BNB stays above $214 on the hourly chart, there is a possibility of a rise to $220. However, closing below $214 could extend the decline to $207. If strong buying comes from the $207 support zone, the target could reach $225.

In the last 24 hours, Bitcoin, the leading cryptocurrency, has seen a 2% drop. This is part of a larger 10% decline in recent days. Altcoins, especially Binance Coin (BNB), have also experienced significant drops, causing panic due to regulatory pressures and falling prices. Altcoin Sherpa, a renowned altcoin analyst, has suggested that BNB is currently in a re-test phase, which could indicate a worrying trend.

Binance, a leading cryptocurrency exchange, is set to suspend its crypto bank card services in Latin America and the Middle East from August 25. These services enabled users to make daily payments using their crypto assets. However, the exchange has assured users that all refunds and disputes will be resolved by December 20, 2023.

The unanswered criticisms towards Binance exchange and CEO CZ have raised concerns for BNB coin, causing the weighted sentiment to hit an all-time low.

When the hourly technical chart of Binance Coin is examined, it can be seen that the price has risen up to 217 dollars by closing above the 211 dollar resistance on an hourly basis. The nearest support zone for the price is determined as 211 dollars.

The short-term technical chart of BNB shows that it is moving near the support level of $208. If the closes below $208 continue, the decline can be extended towards the range of $207 - $205. However, supportive closes above $208 can increase the possibility of the price rising towards the level of $211.