Binance Coin has traded inside a channel over the past few sessions, with a support barrier at $620 and the nearest resistance around $700. While technical indicators such as Bollinger bands highlight tightening volatility, on-chain data indicate possible deviation that might determine BNB’s upcoming trajectory. Meanwhile, the cryptocurrency community has attacked BNB Chain’s meme token ecosystem. Enthusiasts have criticized Changpeng Zhao for prioritizing themed tokens and not “building” after BROCCOLI and TST’s underperformance. Will such speculations delay the anticipated BNB breakout in the near term? Binance Coin at a key turning point BNB’s 12-hour chart shows prices hovering between a horizontal support and a descending resistance trendline. The alt trades at $642, with the immediate support zone at $640.2 (50-day MA). Chart by Coinmarketcap Meanwhile, $674 (200-day MA) represented resistance before BNB could target its recent peaks. Bulls have failed to (decisively) close beyond the upper trendline around $700. That confirms robust bearish momentum around this territory. A solid move past $700 could propel BNB to the previous rejection zone at $740 – a 13% uptick from current prices. On the other hand, extended seller activity might plunge Binance Coin towards $620, with continued downsides opening the past to $580. Such a slide would mean a 10% decline for BNB. Broad market sentiments support the downward case. Cryptocurrencies plummeted today as Bitcoin retreated to $95,000 . BNB Chain under pressure over meme tokens BNB Chain’s latest comeback has encountered scrutiny as the crypto community criticized the former Binance CEO for his increased focus on meme tokens. That follows the latest rise and fall of assets such as Broccoli and TST, which CZ seemingly endorsed. The negativity mounted following the LIBRA scandal , which triggered negativity in the meme token sector. While Zhao promised financial aid to Broccoli and TST victims after donating to LIBRA casualties, his moves have raised eyebrows. Critics believe BNB Smart Chain’s MEV system benefits a few validators while undermining regular users. Other concerns include the chain’s centralization as the platform limits new players from becoming validators. Some claims allege that BNB Chain lacks innovation, following market trends without distinguishing itself in the marketplace. Further, the rising BNB price has discouraged new participants as governance became expensive. The BNB community appears dissatisfied, calling for adjustments to the prevailing concerns. Proposed modifications include heightened decentralization, enhanced network scalability, and reformed validator participation. In summary, BNB price wavers at a crucial juncture. Holding above $640 could support recoveries to $700 and $740. However, losing this barrier might trigger dips to $620, with continued weakness pushing BNB toward the $580 low. Enthusiasts should monitor the ongoing sentiments around the BNB Chain as they can define the token’s performance around the key resistance and support zones. The post Binance Coin at a critical level as BNB Chain faces rising scrutiny appeared first on Invezz
