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After a strong weekend run, the crypto market is slowing down on its gains.
At press time, the decentralized economy is down 1.71%, with its market valuation dipping to $1.13 trillion.
Bitcoin and Ethereum are currently in the red zone, indicating increased selling pressure.
In a similar vein, the fourth-largest crypto asset by market cap Binance Coin is also experiencing a strong bearish presence.
However, analysts have positive forecasts on the exchange token as the crypto market consolidates.
Many believe the $BNB asset will likely rebound in the coming week once the bulls get back into the market.
Could this be a viable time to buy $BNB for future gains? Time will tell.
Meanwhile, crypto investors are increasingly backing a new crypto project, Launchpad XYZ, to be the new breakout star in a densely populated market.
This cutting-edge project provides market and analytical insights on newly-released assets and comes with many other crypto-native features.
BNB Stalling but Could Hit a New Price Peg Soon
The crypto market’s pace is largely dictated by Bitcoin price action. When the leading proof-of-work (PoW) coin turns bullish, the emerging financial landscape often follows suit, and vice versa.
At press time, the crypto space is seeing a lot of selling pressure, and the $BNB token has not been left out of the action.
The exchange token is down 2.38% in the last 24 hours and is trading at an exact figure of $300.
Its negative daily activity has also spilled into its weekly and monthly performance, with the BEP-20 token down 4.65% and 8.27%, respectively.
However, $BNB picks up pace in its 30-day performance as it is up a reasonable 4.06% and has posted 3.06% in the last 180 days.
In a volatile crypto market where Bitcoin and Ethereum have struggled to make any significant headway, $BNB has posted 21.64% in its year-to-date (YTD) performance.
Turning to the technicals, we see that there is little to hope for. The current BNB price is markedly below its 50-day simple moving average (SMA) indicator price of $317.91 and is on par with its 200-day SMA price of $300.
If the crypto market turns bullish, the exchange token could easily clear its 50-day indicator price and find support at the $350 threshold in the coming weeks.
On its relative strength index (RSI), $BNB has an oscillator figure of 39.16 which shows that it is in the underbought region.
Its moving average convergence divergence (MACD) is in the neutral zone showing a sort of standoff between the bulls and bears.
Given that $BNB’s price performance is conversely tied to the Binance exchange’s continued dominance of the crypto trading space, the exchange token is currently on course for a course correction.
In a recent tweet, the world’s largest cryptocurrency exchange by trading volume announced its ISO 27001 and 27701 certifications picked up from authorities in France, Bahrain, and the UAE.
#Binance has been awarded the ISO 27001 and ISO 27701 certifications in France, Bahrain, and the UAE.
They represent our dedication to building robust security and privacy measures for our users.
We look forward to expanding these licenses to other regions across the world.
— Binance (@binance) June 5, 2023
With security being a crucial ingredient in customer attraction and satisfaction, this is a huge boost for both the Binance ecosystem and the $BNB token.
More investors will buy and sell Bitcoin and other cryptocurrencies on the platform, fully aware that their funds are safe.
In addition, with $BNB being a discount token, more adoption will likely see it reach a new psychological threshold of $400 in a crypto bull market.
While $BNB holds a lot of promise for most investors, its price might be a turn-off for many looking for low-cap crypto gems to add to their portfolio.
This is where Launchpad XYZ comes in.
Newly-Listed Coin Hub for Investors
The most likely places for investors to find trending coins are on CoinMarketCap and CoinGecko. However, these crypto assets are already getting the interest of thousands of others which will quickly place the price on a peg.
A new crypto project called Launchpad XYZ allows investors to access newly-released coins in their presale stages.
This way, early-bird investors can profit more from them before they transition to an exchange listing and appear on CoinMarketCap.
Ready to stop loosing money on volatile tokens? 🚫
Launchpad XYZ’s API-driven platform gives you the superpowers to make smart trading decisions and conquer the market with ease 👀📈
Join our #Presale today ⬇️https://t.co/yYq4jnPZiL#Crypto #Web3 #Blockchain pic.twitter.com/h93EZzpkFz
— Launchpad.xyz (@launchpadlpx) June 5, 2023
In addition, the crypto project also features detailed market analytics on cryptocurrencies providing the needed insights for investors to make smart decisions.
The platform also includes a decentralized exchange (DEX) and a trading terminal.
💰 Another incredible milestone achieved 🎉
$900,000 RAISEDMassive thanks to our trusted community ❤️
Let’s pave the way to the future of #Web3
Join our mission today ⬇️ Be the alpha with Launchpad https://t.co/yYq4jnPZiL pic.twitter.com/tPHmgqhG9O
— Launchpad.xyz (@launchpadlpx) June 5, 2023
Launchpad XYZ is currently in its presale stage, and its $LPX token has been on a tear.
So far, the digital asset has raised over $903,000 in a matter of weeks, showing the immense interest investors are paying to the crypto gem.
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