Binance’s BNB Faces Continued Downward Pressure

A look at the current state of Binance’s native token, BNB, reveals a bearish trend with strong signs of continued downward pressure.

BNB Shows Signs of Continued Downward Pressure

BNB has cracked below its 200-day EMA and is currently trading around $598.40. The setup shows strong signs of continued downward pressure, with bears targeting the $550 mark. Technical indicators such as the RSI at 45 and falling, and a bearish MACD crossover, suggest bearish sentiment. The funding rate hit -0.07%, the lowest since mid-January, indicating shorts are paying longs, and sentiment is skewing bearish.

Binance Dominates 94% of Crypto Airdrops and Staking Rewards

Binance, the world’s largest crypto exchange, has become synonymous with the latest airdrops and staking rewards. It launched the HODLer airdrop program less than a year ago, providing many new projects with a comprehensive platform to reward early adopters. In an exclusive press release shared with BeInCrypto, Binance revealed that it’s making substantial changes to its airdrop services to improve user experience and make participation easier. In the past year, most users have been accessing their rewards through the platform, making Binance the go-to platform for airdrops and staking rewards.