As 2023 comes to a close, BNB stands in contrast to many other major cryptocurrencies by experiencing a significant decline, driven by a series of troubling events.
The SEC Lawsuit Impact
The first major blow came in early June when the Securities and Exchange Commission (SEC) announced legal action against Binance, causing a sharp decline in BNB’s value, wiping out recent gains and dropping it below January 1 prices.
CEO Change and Subsequent Trends
On November 21, Changpeng Zhao’s resignation as CEO as part of a settlement with the U.S. government marked a significant event. However, BNB continued to trade around $230, leaving investors uncertain about the possibility of a bullish phase.
Descending Triangle Analysis
In the most recent weekly chart, BNB formed a descending triangle, suggesting that bearish momentum persists. Crypto analyst Ali Martinez recommends caution, advising potential buyers to wait for a close above $260 to signal a potential bullish breakout.
- A descending triangle is a bearish continuation pattern.
- Investors are advised to hold steady for now.
- Look for a close above $260 for a potential bullish breakout.
BNB Price Analysis
Recent months witnessed BNB rising amid the crypto market rally, reaching above $250 before a subsequent drop below $230. The cryptocurrency faced another setback with a selloff on December 10-11, resulting in a 2.73% decline to $233.59 at the time of publication.
Crypto Market Impact
The selloff, estimated to have liquidated positions worth approximately $280 million, had a ripple effect across the entire crypto market. In the last 24 hours, Bitcoin (BTC) is down more than 3%, valued at about $43,363, and Ethereum (ETH) has dropped 4.48% to $2,247.27.
BSCN is aiming to become the leading media coverage platform around the Binance Smart Chain Ecosystem. With a strong focus towards Content Quality, Decentralized platforms, Hot topics in the market, Informative and education sources and guidance in how to be more aware around unreliable crypto projects.