Binance Coin price could inflate by 10% as Binance silently lifts ban on Russia
|- Binance price should see volume pick up as the gates are open again for Russian citizens.
- BNB price to pick up steam toward $355.
- Longer term Binance exposes itself to legal and even sanction risks from several countries.
Binance (BNB) price is primed for some short-term volatility as Binance Corp has quietly opened up shop again in Russia. By allowing Russian citizens back onto its exchange, Binance is breaking the gentleman's agreement it made with the US authorities and several other G7 nations to help with the sanctions package against Russia. Expect over the short-term to see a pickup in volume with price action ready for a pop toward $355, while longer term the exchange is exposing itself again to possible counter sanctions from G7 nations with legal actions and possible bans for Binance to operate in these countries.
Binance price will have a quick thrill with a long pain trade ahead
Binance Price is back, accepting Russian Rubles, and is approving new participants with a native address in Russia. It was the website Forklog that reported the sudden ban lift on Saturday. Short-term, this means that Binance price will see a pickup in demand that will push BNB price higher to at least test the high of April again.
BNB still has ample room to go higher as the Relative Strength Index (RSI) is in the middle range as well. Expect first to see some hesitation around $336.50. Once that is broken, bulls really can get unleashed and could be seen rallying all the way up to the monthly R1 resistance level near $355 and booking a 10% quick win on the back of it.
BNB/USD 4H-chart
Binance as a cryptocurrency, as an exchange and as a corporation is making itself very much exposed by this sudden move. Expect to see some condemning comments from the G7 countries that are still processing more sanctions against Russia and might issue local restraints for Binance as a whole. This could go from legal crackdowns to even a ban for its usage within the borders of any or all G7 nations. Expect rumours to simmer around that story, for BNB to sink through the floor and head toward $272 in an aggressive falling-knife move.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.