Binance Coin Breaks Down, Will Rise Coming? BNB Analysis

BNB, the native cryptocurrency of Binance exchange, has been showing a recovery trend in the last hours after days of depreciation.
 Binance Coin Breaks Down, Will Rise Coming?  BNB Analysis
READING NOW Binance Coin Breaks Down, Will Rise Coming? BNB Analysis

BNB, the altcoin of the largest crypto exchange by trading volume, has been on the agenda with depreciation for days. We witnessed that BNB, which pushed the $350 limit in April, fell to $220 as a result of negative news. In this article, we will examine the technical outlook of the market’s leading altcoin BNB. After the technical analysis indicators, we will take a look at the latest developments on the Binance exchange.

Binance Coin (BNB) Analysis

The native cryptocurrency of the leading crypto trading platform, BNB, has entered a downtrend after its local peak in April. Binance Coin has lost about 29.50% from the $350 level to date.

Although BNB has been trading between horizontal blocks for weeks, recent developments have caused a deep decline. After the US Securities and Exchange Commission SEC filed a lawsuit against Binance.US, BNB, which was trading at $300 on June 5, has dropped as much as $221 in a week.

Binance Coin reached the $247 limit again with the reaction from the $221 support. For a new rise to be possible, the bulls need to break past the old low. $256, which the bulls defended for about 2-3 days, is likely to act as resistance. If this level is exceeded, the next target can be $283.

SEC Agrees With Binance!

US government agencies have been making various investigative decisions regarding the Binance exchange for months. The pressure that started this year with the stock market’s dollar-indexed stablecoin BUSD still continues.

The Securities and Exchange Commission SEC filed a new lawsuit last week to freeze the assets of the Binance.US exchange. Court Judge Amy Berman Jakcson said in a statement that the two sides were very close to an agreement.

$BNB has gained 12% today from the $221 low after the statements that reduced risks. BNB currently finds buyers at $247.

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