After sky rocketing from $4 to $40 over the course of 7 months is a testament to the confidence the market has in Binance and its dominant position in the Cryptocurrency market. However, I think the tides are turning. With Binance withdrawing from the United States at the start of September, I believe we will start to see individuals selling their BNB(and other tokens for that matter) until they have clarity on the future of Binance for the US.
Primary reasons for Binance to enter a downtrend:
-Uncertainty for United States Clients, even with Binance opening an American Trading Arm, there is a lot of uncertainty on what that looks like.
-Shear Selling Pressure from doing 350% over a 6 month period.
-Binance DEX not picking up enough volume to generate BNB demand.
-More Exchanges offering products that draw volume and traders away from Binance, thus decreases BNB needs
-1 Year left of BNB fee reduction. THIS IS HUGE, this is a massive reason why BNB is purchased and traded. The fee reduction is vital to the success of the BNB economic model, when it is removed, BNB will lose an important economic mechanic for generating price appreciation.
Binance is intelligent !!! It wouldn't let anything happen to it!
now that team is not withdrawing their coins ! and burning all of them!!
I think it's gonna be soon so good!
Dreem
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@pruthvipatilme, Yes! That recent announcement makes BNB much less likely to have a significant sell off, however I still foresee some downside risk, but the news is bullish.
pruthvipatilme
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@Dreem, Yeha! It does! So let's see now that major volume is flowing and 4H MACD cross makes some great addition.
now that team is not withdrawing their coins ! and burning all of them!!
I think it's gonna be soon so good!