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BNB Price Endures Two Months of Strain Following Rejection at Crucial $300 Level in June

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BNB price has been under immense pressure for the past few weeks amid a decline in market volatility and risk appetite. The asset has crashed by nearly 5% in the past week, more than 25% in the past quarter, and 4.75% in the year to date. At press time, Binance Coin was trading lower at $234.7. BNB’s total market cap has slipped by 2% over the last day to $36 billion, ranking it the 4th cryptocurrency. On the other hand, the total volume of BNB traded over the same period has jumped by 37.45%.

Economic Concerns

BNB price has been in the red for several weeks now amid a decline in the crypto market sentiment and a lack of momentum to sustain an upward trajectory. The global crypto market cap has plunged by nearly 2% over the last day to $1.15 trillion, while the total crypto market volume increased by 23%. Bitcoin, the largest cryptocurrency by market capitalization, has been range bound for the past few weeks, weakening the market sentiment. Most altcoins, including Ethereum, XRP, Dogecoin, Cardano, Solana, Polygon, and Polkadot, have been in the red for the past week.

The Crypto Fear and Greed Index, which measures the key emotions driving the cryptocurrency market, has declined to a Fear level of 49. A Fear reading usually indicates that investors are having doubts about the market, ramping up the selling pressure against the backdrop of a decline in risk appetite.

Investors will be closely watching the release of the FOMC meeting minutes for July, hunting for clues about the Fed’s economic expectations and interest rate path. Since their last meeting in July, there have been mixed signals about whether the central bank would continue with its interest rate hike campaign or whether it would hit pause soon.

US Treasury yields hit an almost 10-month high on Wednesday buoyed by expectations that the Federal Reserve is not yet done with its rapid monetary tightening cycle. On Tuesday, Minneapolis Federal Reserve President Neel Kashkari noted that the central bank is still a long way from cutting rates. An environment of higher interest rates tends to be bearish for risk assets such as stocks and particularly cryptocurrencies.

BNB Price Technical Analysis

BNB price has failed to start a fresh incline over the past two months, after facing a strong rejection at the important resistance zone of $300. The digital asset remains below the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages.

Its Relative Strength Index (RSI), as well as the Moving Average Convergence Divergence (MACD) indicator, has dropped below the signal line, hinting at an increase in selling pressure. The Bollinger Bands have narrowed as seen on the daily chart, indicating a decline in market volatility.

Therefore, I expect the BNB price to fall further in the coming days amid global economic uncertainty. If this happens, the next support levels to watch will be $230 and $220. On the flip side, a move above the 50-day EMA at $245.5 might pave the way for further increases.

BNB Price Chart

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Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout

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Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.

Fundamentals

Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.

The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.

Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…

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Dogecoin Price: Eyes are on the Key Inflation Data

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Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.

Economic Concerns

Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.

Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…

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XRP Price Dips Further in the Wake of Regulatory Challenges

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XRP price has been under intense pressure for the past few weeks, moving in tandem with the general crypto market movements. The asset has crashed by more than 20% in the month to date and 7% in the past week. XRP’s total market cap has plunged to $26 billion over the past few weeks, with the total volume of the asset traded over the last day down by 11%.

Regulatory Concerns

XRP price has posted significant losses over the past few weeks amid the bearish crypto market sentiment and regulatory concerns in the sector. The global crypto market cap has been under immense pressure over the past few weeks, with the overall crypto market cap inching lower to $1.04 trillion. The premier cryptocurrency, Bitcoin, has been struggling below the crucial level of $26,000 over the past few days, weakening the crypto market outlook.

Major altcoins, including Ethereum, Solana, Dogecoin, and Cardano, among others, have also succumbed to the general market outlook, dipping by more than 3% each. The Crypto Fear and Greed Index, which measures the key emotions driving the crypto market, is currently at a fear level of 35, pointing to an increase in selling pressure.

The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has also been weighing on the XRP price. The XRP price jumped by more than 70% in July after a federal judge ruled…

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