BNB Price Movement Amid Allegations – Will the Drop End?
The BNB price recently underwent a substantial decline due to the allegations swirling around Binance and the significant downturn in the cryptocurrency market. Among the various cryptocurrencies, BNB faced intense selling pressure, making it one of the most severely impacted.
Has the BNB Price Drop Ended?
Commencing on a Friday, the sharp downward spiral led the BNB price to plummet to $215 initially, and then further down to $204. This figure marked the lowest point of the entire year for the BNB price, setting an unprecedented record. A pivotal factor in this scenario was the charges brought against Changpeng Zhao, the CEO of Binance, by the US Department of Justice.
Binance is presently ensnared in multiple investigations on a global scale, exerting a detrimental influence on the BNB price. The recent accusation by the US Department of Justice also underscores that Binance has breached sanctions with Russia, further exacerbating the situation.
BNB Price Rise Scenarios
The BNB price chart bore the brunt of the situation, manifesting a pronounced nosedive. Following the sharp liquidation, BNB’s value plummeted to $204. Subsequent to this, it can be inferred that the price is eyeing a target of $240 and beyond, forming a distinct V-shaped pattern. At present, the resistance thresholds for BNB, having breached the $210 resistance, are identified at $224, $232, and $240. Overcoming these levels, recently trading at these marks, should not pose an excessively daunting challenge for BNB.
Scrutinizing other critical data reveals that the $230 mark aligns with the 38.2% Fibonacci level. Achieving a close above $215 could potentially pave the way for further uptrends, and the current Relative Strength Index (RSI) portrays an exceedingly optimistic outlook.
Presently, BNB is in trade at $214, having recorded a 2.4% increase over the past 24 hours. Impressively diverging from the broader cryptocurrency market trend, BNB managed to secure the highest surge among the top 10 cryptocurrencies. This feat stands out amid the dwindling values of other altcoins, with the exception of stablecoins that persist in their decline.
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