Connect with us

Market

BNB Drops Below $500, Extended Bearish Trend On The Horizon?

Published

on


BNB has recently fallen below the critical $500 support mark, signaling the continuation of a bearish trend. This decline reflects increased selling pressure and growing bearish sentiment within the cryptocurrency market. 

As BNB slips under this significant threshold, analysts and traders are closely watching for further downward movement, potentially targeting lower support levels. The breach of the $500 mark is a key indicator of ongoing market weakness, suggesting that BNB may face continued challenges in the near term.

With the help of technical indicators to provide comprehensive insights into potential future movements, key support levels to watch, and strategies for investors and traders to navigate the ongoing downturn, this article explores the bearish sentiment surrounding BNB’s price

At the time of writing, BNB’s price was down by over 10%, trading at about $471, with a market valuation of more than $69 billion and a trading volume of more than $2 billion. In the last 24 hours, the market capitalization of BNB has dropped by 10.88%, while trading volume has increased by 37.43%.

Technical Indicators Highlight Sustained Bearish Market Conditions

The price of BNB on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA). As of the time of writing, the price has made a huge drop below the $500 support mark which has triggered more bearishness for the crypto asset.

BNB
Source: BNBUSDT on Tradingview.com

With the formation of the 4-hour Moving Average Convergence Divergence (MACD), the price of BNB is set to face further decline as the MACD histograms are trending below the zero line with strong momentum. Also, the MACD line and signal line have sharply dropped and are trending below the zero line with a good spread.

On the 1-day chart, it can be observed that BNB is trading below the 100-day SMA and is attempting to drop the third bearish candlestick in a row with strong momentum. This development suggests that the price is still actively bearish and may continue to decline.

BNB
Source: BNBUSDT on Tradingview.com

Lastly, the 1-day MACD signals a potential further decline in the price of BNB since the MACD histograms are trending below the zero line with strong momentum. Both the MACD line and the MACD signal line are also observed to be trending below zero after a cross below it.

What To Watch Next For BNB

Current analysis reveals that the price of BNB could be heading toward the $357 support level. If BNB’s price reaches the $357 support level and breaks below, it may continue to drop to test the $202 support level and potentially move on to challenge other lower levels if it breaches the $202 level.

However, should the crypto asset encounter a rejection at the $357 support level, it will begin to move upward toward the $500 level once again. If it moves above this level, it may continue to climb to test the $635 resistance level and potentially move on to test other higher levels if it breaches the $635 resistance level.

BNB
BNB trading at $468 on the 1D chart | Source: BNBUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com



Source link

Market

South Korea Unveils North Korea’s Role in Upbit Hack

Published

on


According to local media, South Korea confirmed that North Korea was behind the theft of 342,000 Ethereum (ETH) tokens. The 2019 loot, worth approximately 58 billion Won or $41.5 million, was stolen from the Upbit crypto exchange.

The stolen tokens, now valued at 1.47 trillion Won, represent one of the largest cryptocurrency heists attributed to North Korea.

North Korea’s Involvement Uncovered

Per the report, the National Investigation Headquarters of South Korea’s National Police Agency announced on November 21 that two North Korean hacking groups, Lazarus and Andariel, orchestrated the attack. Both groups are known affiliates of North Korea’s Reconnaissance General Bureau, a state agency linked to cyber espionage and financial crimes.

Investigators relied on a combination of digital forensics, including tracking IP addresses and analyzing the flow of stolen cryptocurrencies. The probe also identified linguistic traces of North Korean vocabulary.

“It was revealed that traces of the North Korean term ‘Heulhan Il’ (a word meaning ‘unimportant matter’) were found on the computer used in the attack at the time,” another local Korean media corroborated.

This linguistic fingerprint, alongside other technical evidence, strengthened the case against North Korea. According to the report, the US Federal Bureau of Investigation (FBI) police also aided the investigation. They provided additional evidence linking the attack to North Korea.

Following the theft, the perpetrators exchanged 57% of the stolen Ethereum for Bitcoin on three cryptocurrency exchanges believed to be operated by North Korea. These transactions happened at prices 2.5% below market value, presumably to expedite the sale. They then distributed the remaining Ethereum across 51 overseas exchanges and laundered them to obscure its origins.

Ethereum Price Performance. Source: BeinCrypto

In 2020, some of the stolen cryptocurrency was identified at a Swiss crypto exchange. After a four-year effort to prove its source to Swiss prosecutors, South Korean authorities recovered 4.8 Bitcoin (BTC), worth around 600 million won. The recovered funds were later returned to Upbit in October 2024.

Concerns Over North Korea and Upbit Woes

Meanwhile, North Korea’s involvement in cryptocurrency crimes is not new. After a series of reports, authorities have noted a shift in tactics. As BeInCrypto reported recently, hackers linked to the regime are increasingly targeting crypto firms with sophisticated methods. Among the most prevalent techniques are phishing campaigns and supply chain attacks.

“The campaign, which we dubbed ‘Hidden Risk’, uses emails propagating fake news about cryptocurrency trends to infect targets via a malicious application disguised as a PDF file,” a recent report read.

This change of tact highlights the urgency for heightened cybersecurity measures across the industry. Notwithstanding, the confirmation of North Korea’s involvement in the 2019 Upbit hack marks a significant development.

While the United Nations (UN) and foreign governments have previously accused North Korea of funding its weapons programs through crypto theft, this is the first time South Korean authorities have officially linked the regime to a major cryptocurrency heist. The incident highlights the dual vulnerabilities facing the cryptocurrency industry.

First, external threats from state-sponsored hackers and, second, internal risks tied to inadequate regulatory compliance. Against the latter, and as BeInCrypto reported, South Korea’s Financial Intelligence Unit recently cited concerns about inadequate user verification systems. Specifically, the unit flagged over 600,000 potential KYC violations at Upbit, South Korea’s largest cryptocurrency exchange.

The discovery of mass KYC violations at Upbit raises questions about whether exchanges are doing enough to prevent illicit activities. Improved oversight, combined with stricter enforcement of anti-money laundering (AML) measures, could help deter future attacks and ensure a safer trading environment for investors.

The exchange is also facing an antitrust investigation by South Korea’s Fair Trade Commission, which is examining potential abuses of market dominance.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

XRP Price Targets Its Next Move: Will It Break Higher Again?

Published

on


XRP price is consolidating gains above the $1.00 zone. The price might start a fresh increase if it clears the $1.150 resistance zone.

  • XRP price started a downside correction below the $1.120 level.
  • The price is now trading below $1.120 and the 100-hourly Simple Moving Average.
  • There is a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $1.150 resistance.

XRP Price Holds Support

XRP price struggled to start a fresh increase above the $1.150 and $1.180 levels. It started a downside correction and traded below the $1.120 level. It underperformed Bitcoin and struggled like Ethereum in the past two sessions.

The price is now trading below $1.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1380 level. There is also a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $1.150 level. The next key resistance could be $1.1680 or the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.

XRP Price

A clear move above the $1.1680 resistance might send the price toward the $1.200 resistance or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle for the bulls might be $1.250 or $1.265.

More Downsides?

If XRP fails to clear the $1.1380 resistance zone, it could continue to move down. Initial support on the downside is near the $1.100 level. The next major support is near the $1.0650 level or the triangle’s lower trend line.

If there is a downside break and a close below the $1.0650 level, the price might continue to decline toward the $1.020 support in the near term. The next major support sits near the $0.980 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $1.1000 and $1.0000.

Major Resistance Levels – $1.1680 and $1.2000.



Source link

Continue Reading

Market

Why PNUT Recovery Could Happen Soon After 30% Fall?

Published

on


Peanut the Squirrel (PNUT), the meme coin that recently surpassed a $2 billion market cap, has experienced a sharp 30% price drop in the past week, bringing its value down to $1.36. However, emerging signals suggest that PNUT’s recovery might be just around the corner.

While some traders may wait for further discounts, this analysis indicates that the opportunity to buy at these lower levels could be closing fast.

Bearish Sentiment Around Peanut the Squirrel Could Fuel Bounce

One key indicator hinting at a potential PNUT recovery is the Weighted Sentiment, which evaluates market perception using social volume. A positive sentiment typically reflects bullish market commentary, often driving increased demand and price growth. Conversely, negative sentiment signals bearish sentiment across the market.

However, extreme readings in Weighted Sentiment can trigger contrarian moves. For instance, overly bullish sentiment might precede a price correction, while extreme negativity often sets the stage for a rebound.

According to Santiment data, PNUT’s Weighted Sentiment has plunged to a historic low of 0.12. This deeply bearish sentiment suggests market pessimism, but its extremity could fuel what’s known as a “hated rally,” where overwhelming negativity ignites an unexpected recovery.

PNUT sentiment
Peanut the Squirrel Weighted Sentiment. Source: Santiment

Further, the Relative Strength Index (RSI) is another indicator suggesting that the Solana meme coin’s value could erase part of its losses. The RSI is a technical oscillator that uses the speed and size of price changes to measure momentum.

When the reading drops, the momentum is bearish. Conversely, if the RSI reading rises, the momentum is bullish. 

On the 1-hour chart, even though the indicator is below the 50.00 midpoint, the rating has increased from yesterday. Should this rating continue to surge, then PNUT’s price might rise higher than $1.36.

PNUT momentum
Peanut the Squirrel RSI. Source: TradingView

PNUT Price Prediction: Rally Toward $1.94 Begins

Looking at the same 1-hour timeframe, BeInCrypto observed that the trading volume around PNUT has increased. However, it is important to note that both buyers and sellers are still involved in transacting the token.

Still, it appears that bulls are defending the price at $1.31. If this remains successful, then PNUT’s price could rally toward $1.64 in the short term. In a highly bullish situation, PNUT recovery could see the price climb to $1.94.

PNUT price analysis
Peanut the Squirrel 1-Hour Analysis. Source: TradingView

On the other hand, if selling pressure increases, this might not happen. Instead, the meme coin’s value could drop to $1.26 in the short term.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io