Binance Coin (BNB) Sees Slight Recovery After Brief Fall Amid CFTC Lawsuit

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,182,847,528,697	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,182,847,528,697

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3,668.47	-5.75%	60,169.15	60,166.07	60,169.36

Price Change

Price Change %

Current Price

Bid Price

Offer

-3,668.47

-5.75%

60,169.15

60,166.07

60,169.36

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,727.81	59,040.30	63,780.29	63,837.62	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,727.81

59,040.30

63,780.29

63,837.62

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:33:18	0.003218	60,169.15	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:33:18

0.003218

60,169.15

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,527,973,813.29	25,023.60	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,527,973,813.29

25,023.60

Binance Coin (BNB) Sees Slight Recovery After Brief Fall Amid CFTC Lawsuit

29/03/2023 7:18am

NEWSBTC

Binance Coin (BNB) has weathered a brief dip in the wake of regulatory action against the crypto exchange and CEO, bouncing back to trade near a key resistance level. Despite news of a civil enforcement action from the CFTC causing a 5% drop to $310, BNB has since climbed back up to $314.62, up 1.56% in the last 24 hours, according to CoinMarketCap. With the relative strength index pointing toward further gains, buyers may be poised to break through resistance at $312.6 and push toward $315. Related Reading: Dogecoin (DOGE) Breaks Out Of Resistance Line – Will It Hit $1? Binance Coin Could Fall Further Down According to BNB’s chart analysis, there may be more potential for the coin to decrease before becoming oversold. This idea is further supported by the fact that the token’s 30-day moving average is set to dip below its 200-day average. The recent drop in BNB’s price was fueled by the CFTC’s allegations against Binance, accusing the exchange of facilitating unauthorized derivatives trading for U.S. customers and neglecting customer identity verification protocols. Image: Cryptopolitan If the CFTC’s accusations are proven true, Binance and BNB could face even more roadblocks ahead. This decline falls within a well-known chart pattern called a symmetrical triangle, which traders often use to predict potential price breakouts. This pattern typically indicates that buyers and sellers are locked in a tight battle, with neither side gaining the upper hand. As the price bounces back and forth within the triangle, it creates a tightening range, as if the pressure is building up like a coiled spring. Eventually, the price is forced to break out of the triangle, with traders watching closely to see which direction it will move. If the breakout is to the upside, it’s a bullish sign that buyers have taken control and the price is likely to rise. Conversely, a downside breakout signals that sellers have seized the initiative and the price is likely to fall. What Traders Should Expect At present, the BNB price has taken a downward turn after hitting the overhead trendline, leading to a bearish cycle within the pattern. This bearish cycle may potentially cause a significant drop of 16-18% in the coin price, as it heads toward the pattern’s lower support trendline. BNB total market cap currently at $49 billion on the daily chart at TradingView.com Related Reading: Bitcoin Price Surge Threatened By Liquidity Crunch – What To Expect Looking at the daily timeframe, Binance Coin (BNB) is seen trading within a broad range, with support located at $302 and resistance at $346.3. As the coin battles to find its footing, traders are keeping a close eye on whether it will break through the resistance or succumb to the downward pressure and drop to the lower support level. Ultimately, only time will tell which direction BNB will head next. -Featured image from CoinBrain

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