The price of Binance Coin (BNB) has increased by nearly 2% in the past 24 hours, reaching $212.46. This growth aligns with the broader crypto market, which has seen a more modest 1% rise.
Over the past week, BNB has experienced a 2.5% decrease, and over the past month, a 2% decrease. Since the beginning of the year, the exchange token has fallen by 13.5%.
These declines have occurred amidst regulatory challenges for Binance. The United States’ CFTC and SEC have both filed lawsuits against Binance, resulting in the exchange exiting several markets and struggling to obtain licenses in Europe.
Given these circumstances, BNB’s potential for substantial gains this year may be limited until Binance resolves its regulatory issues.
BNB Price Prediction: BNB Sees 2% Growth – Will Binance Coin Dominate the Month?
Despite recent improvements, BNB’s indicators remain in an oversold position. However, there are signs of momentum building and the potential for further gains.
The relative strength index (purple) has started to rise towards 50 after previously dropping to 40, indicating potential gaining momentum for the token.
Additionally, BNB’s 30-day moving average (yellow) has consistently remained below its 200-day average (blue) since the summer began, suggesting that an eventual recovery is likely for the oversold asset, assuming its fundamentals remain intact.
However, BNB’s fundamentals have been significantly weakened by the lawsuits filed by the SEC and CFTC against Binance, accusing the exchange of offering unregistered securities and disregarding regulations. Furthermore, Binance’s exit from multiple markets and high-profile employee departures have added to its troubles.
This puts Binance in a precarious position, making it unlikely that the exchange will emerge from its current issues unscathed. Comparatively, FTX seemed healthier before its collapse in November 2022, indicating that Binance’s status as the largest exchange in the market may be uncertain in the long run.
For these reasons, BNB may struggle to maintain its current level in the coming months. In the short term, the token could reach $240 before potentially losing more ground in the following weeks.
Exploring Higher Potential Altcoins
Due to the regulatory challenges faced by Binance, many traders and investors may prefer to explore alternative altcoins. Currently, there are various presale tokens offering potential gains, despite bearish market conditions.
One promising presale coin is Meme Kombat (MK), an ERC-20 token that allows users to bet on AI-generated battles between popular memes.
Meme Kombat recently began its presale for the native $MK token, attracting significant interest. The platform offers a unique proposition, allowing users to win prizes in the form of $MK by correctly betting on meme-versus-meme battles.
Players have the option to bet against each other or the platform, as well as stake their MK tokens for passive income and larger bets. MK has a total maximum supply of 12 million, with allocations for presale, staking and battle rewards, community rewards, and liquidity.
Meme Kombat’s use of popular memes and community incentivization contribute to its marketing and long-term engagement potential. Interested investors can participate in the presale by visiting the official Meme Kombat website and connecting their software wallets at a price of $1.667 per MK token.
Once listed on exchanges, MK’s price is expected to rise significantly, given its favorable attributes for a successful sale and listing.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and should not be considered investment advice. Investments in crypto assets carry the risk of capital loss.