BNB Crashes Following DOJ Settlement, How Low Can it Go? 3 Things to Watch this Week (Binance Coin Price Analysis)
Binance Coin’s volatility exploded after yesterday’s events. CZ also resigned as CEO.
Key Support levels: $230, $200
Key Resistance levels: $265
1. Quick Rejection by Resistance
After yesterday’s DOJ announcement was made public, BNB crashed by over 15%. This happened as the price was trying to break above the resistance at $265. Since then, this cryptocurrency managed to find good support at $230.
2. Chart Turns Bearish
The momentum indicators are bearish after this latest drop. The daily MACD continues to fall, and the RSI is making lower lows. This could lead BNB to test the support at $230 again or even the one at $200.
3. Sell Volume Exploded
Yesterday’s news made BNB holders rush for the exit as the market processed the latest developments. This manifested in an extreme sell volume not seen since the peak of the bear market in 2022.
Bias
The bias for BNB is bearish.
Short-Term Prediction for BNB Price
Despite the volatility, BNB continues to hold strong above $200. As long as this key support is not lost, this cryptocurrency can reverse any damage from these past few days.
Moreover, Binance will continue to function under a new CEO and appears solvent, which can calm the market after this news passes.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
