BNB price awaits another leg up despite Barclays blocking wires to Binance
- Binance Coin price is currently hovering below the mid-point at $321.09, awaiting a potential correction.
- UK’s Barclays blocks transfers to Binance after a recent warning issued by the FCA.
- BNB is likely to rally 21% before hitting a dead end near $361.75.
Binance Coin price has been tightening its consolidation range, suggesting that a massive move is on its way. However, there might be a minor pullback before BNB kick-starts a bull rally.
UK bank Barclays bars customers from transferring funds to Binance
In a statement on Monday, Barclays revealed that it is contacting its customers who previously transferred funds to Binance, one of the largest cryptocurrency exchanges in the world. The bank mentioned that they would be stopping payments made by credit or debit cards to Binance to keep the customers’ “money safe.”
This decision from the UK bank comes after the Financial Conduct Authority (FCA) issued a warning to Binance on June 26 for offering cryptocurrency products without obtaining the necessary licenses.
Since the warning was issued to Binance Markets Limited (BML), the exchange decided to stay put as it responded,
BML is a separate legal entity and does not offer any products or services via the Binance.com website… The Binance Group acquired BML May 2020 and has not yet launched its UK business or used its FCA regulatory permissions.
The customers of the exchange expressed their views on the Bank’s recent decision. One Binance user added,
Oh really @Barclays I think I am old enough to decide where I can spend my money. Time to change bank.
Binance Coin price ponders the next leg up
Binance Coin is currently trading just under the 50% Fibonacci retracement level at $321.09. A rejection at this barrier is likely, considering the current structure of the cryptocurrency market. Therefore, investors can expect BNB to retrace toward the support floor at $298.48 or $270.06 before the uptrend kick-starts.
In some circumstances, Binance Coin price might sweep $263.53.
A potential spike in buying pressure from either of the support barriers mentioned above will likely propel BNB to first slice through the mid-point of the range at $321.09, followed by $345.71 and $361.75.
This move would represent a 21% ascent from $298.48.
BNB/USDT 4-hour chart
While the uptrend seems likely, a breakdown of the support floor at 263.53 will invalidate the bullish thesis for Binance Coin. In such a case, BNB price might slide to $250.36.
Investors need to note that the June 22 swing low at $224.84 might be tagged in some cases.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
