Binance Coin Price Drops 9% as Investors React to CZ’s Prison Sentence
The price of Binance Coin (BNB) has plunged more than 9% in the last 24 hours, reaching $539.01 at 4:20 a.m. EST. The sharp correction comes after Binance founder Changpeng Zhao, commonly known as CZ, was sentenced to four months in prison for violating Anti-Money Laundering laws, prompting investors to unload their BNB holdings.
Binance Coin Faces Key Technical Resistance
As BNB continues to slide, the token has lost a crucial support level at $569.70 and is now testing a new support line at $549.50. Should BNB close a 4-hour candle below this threshold, it risks further decline to as low as $533.40 in the short term. Traders and investors are keeping a close watch on this support level, as a rebound could spark a wave of buy pressure, potentially pushing BNB back above the $569.70 mark.
However, if Binance Coin remains below this key support level, the bearish trend could continue. The next target for resistance would be at $587.20, with a subsequent potential rally taking the price to as high as $603.40.
Technical Indicators Signal Continued Bearish Trend
The technical indicators on BNB’s 4-hour chart suggest that sellers are maintaining control. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both indicate bearish trends. Although the MACD line attempted to cross above the signal line, signaling a potential reversal, it was rejected, leading to more selling pressure. Additionally, the RSI is positioned below its Simple Moving Average (SMA) and has a negative slope, reinforcing the bearish outlook.
Given this scenario, BNB is at risk of further decline in the coming hours, prompting traders and investors to seek alternative investments. One such alternative gaining attention is Dogeverse, a new meme coin offering a unique multi-chain structure.
Dogeverse: The First Meme Coin on Multiple Chains
Dogeverse (DOGEVERSE) aims to revolutionize meme coins with its multi-chain capabilities and a wide range of utility. The dog-themed crypto allows seamless transactions across different blockchain networks. With its debut on Solana, Avalanche, Polygon, BNB Chain, Ethereum, and Base, DOGEVERSE enables investors to participate in a variety of decentralized finance (DeFi) protocols.
Cryptocurrency YouTuber Jacob Crypto Bury recently highlighted Dogeverse’s potential, noting its successful Initial Coin Offering (ICO) which raised over $12.8 million. This performance has attracted a lot of attention, with DOGEVERSE investors able to stake their tokens for an impressive annual return of 87% without needing to swap for other assets.
Why Dogeverse Is a Top Contender
Dogeverse’s ability to function across multiple blockchains, its lucrative staking program, and competitive pricing make it a compelling choice for investors. At just $0.000304 per token, DOGEVERSE can be purchased using various cryptocurrencies, including ETH, USDT, BNB, MATIC, AVAX, SOL, and BASE. Additionally, those who prefer fiat can use a bank card to acquire the token.
As BNB continues to face bearish pressure, investors are increasingly exploring alternative crypto assets like Dogeverse, which offers a fresh take on meme coins with a solid foundation for future growth.
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