BNB initiates a mini breakout even as economist thinks Binance is the same as FTX

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BNB initiates a mini breakout even as economist thinks Binance is the same as FTX

By Motiur Rahman - min read
  • Binance coin has pushed above $295

  • Crypto critic Roubini has accused a “shady” Binance

  • The cryptocurrency could hit $330 soon, and $360 next

Binance (BNB/USD) pushed above $295, setting the cryptocurrency on the course above $300. The area around $295 has been a minor resistance zone, although BNB has since fallen back to $292. Investors would be curious whether the current slowdown is a correction back, with a price of $330 in sight. But then, Binance has also come under sharp criticism.

Renowned crypto critic Nouriel Roubini thinks the Binance crypto exchange is the same as collapsed FTX. He says Binance is “much worse and shady.” Roubini, nicknamed “Mr. Doom,” accurately predicted the 2008-2009 financial crisis. Thus, his words may have weight in some quarters. 

Roubini opines that Binance has never revealed its head office. In his view, BNB is an even more dangerous investment than FTT, given that FTX already had a known head office in the Bahamas. Describing BNB as the “same scammy vaporware,” Roubini warns that 87% of the cryptocurrency is hidden in a single wallet. He has also raised questions about the control of crypto stashes of Binance.

Further, Roubini has raised concerns over Binance’s audit. He says that the exchange is audited by the same entity as FTX. The economist believes Binance may not have any audits. Roubini points out that recent calls for crypto reserves by Binance CEO are just gimmicks. He warns that Binance customers will lose their money for good.

Amid the harsh words, Binance has shown resilience. A potential recovery of BNB could be underway amid the intra-day correction.

BNB corrects slightly to the $295 zone 

BNB Chart by TradingView

On the daily chart, BNB is correcting after scathing attacks by Roubini. The cryptocurrency trades at or slightly below a minor resistance-turned-support.

The technical indicators are bullish. The MACD indicator initiated a bullish crossover. The RSI has shifted above the midpoint on the entry of buyers.

What next for BNB?

The latest attacks on Binance add pressure, but that could diminish soon. BNB price could stay bullish and eyes $330 next. From there, the next level for the cryptocurrency is $360.

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