Binance Coin (BNB) has always been considered one of the main pillars of the cryptocurrency ecosystem. However, as 2024 draws to a close, many signals indicate that BNB may face strong downward pressure in the last two days of the year. Let’s analyze the factors that could lead to this scenario.

1. Selling pressure from the market

The end of the year is typically a time for investors to adjust their portfolios, take profits, or cut losses in preparation for the new fiscal year. With BNB, many large investors may be looking to take profits after this coin has had a year of significant volatility. Data from exchanges show that selling volume of BNB is increasing, especially from whale wallets – investors holding large amounts of BNB.

In 2024, Binance, the company behind BNB, faced significant legal pressures from major countries such as the US, EU, and China. News of legal investigations and tightening regulations could undermine investor confidence. By the end of December, some sources suggested that regulators in the US would issue more unfavorable announcements, which could directly negatively impact the price of BNB.




3. Competition from other coins

The cryptocurrency ecosystem is becoming increasingly crowded with the emergence of many promising projects like Solana, Ethereum 2.0, and Layer 2 platforms like Arbitrum and Optimism. These projects not only attract developers but also users and capital flows, creating significant competitive pressure for BNB. The decline in investor confidence in Binance recently may lead investors to shift their capital to other coins, further diminishing BNB's appeal.

4. Unfavorable technical analysis

On the technical charts, BNB has been in a downtrend since the beginning of December. Important support levels such as $210 and $200 are continuously being tested, and if the price breaks these levels, a sell-off may occur. The RSI (Relative Strength Index) is currently in the oversold territory, indicating that selling pressure is prevailing.

5. Negative market sentiment

The cryptocurrency market is currently affected by skepticism and fear following a series of negative events over the past year. As a coin closely related to Binance, any negative news from this company could further increase pessimism among investors.

Conclusion

Based on the analytical factors above, BNB may face strong downward pressure in the last two days of 2024. However, this could also be an opportunity for long-term investors to consider reasonable price points if they believe in the long-term growth potential of Binance and the BNB ecosystem.

However, investors need to be cautious, closely monitor market developments, and carefully consider before making trading decisions.