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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