Binance Coin Price Prediction: Will $BNB Lose $200 Mark From CEO ‘CZ’ Resignation
Binance Coin Price Prediction: In the past two weeks, the BNB price oscillated between $257 and $236, mirroring the broader crypto market’s uncertainty. This phase was abruptly disrupted by news of Changpeng Zhao’s resignation as CEO of Binance, triggering a sharp sell-off in BNB and across the cryptocurrency market.
Presently, the Binance coin is trading around $239, marking a 5.6% decrease within a day, and its market capitalization has fallen to $36.4 billion.
Binance Coin Price Prediction: $BNB Price Poised for 12% Fall
- A bearish breakdown from the emerging support trendline has set the BNB price for a 12% drop.
- A symmetrical triangle pattern governs the sideways trend in the Binance coin.
- The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss.
Source- Tradingview
The Binance coin price entered a strong recovery mode in mid-October when the price rebounded from $202.8 to a high of $271, accounting for 34% growth. However, this recovery witnessed a major downturn today as Binance CEO Changpeng CZ Zhao resigned from the exchange as part of a $4 billion settlement with the United Department of Justice.
This news triggered a substantial outflow in the BNB value, causing many leading cryptocurrencies to turn red today. With a 5.6% intraday loss, the sellers have breached an ascending support trendline that carried the October-November recovery of the BNB price.
Should the price close below this trendline and the $234.6 horizontal level, it could set the stage for a more pronounced bearish downturn. In this scenario, we might witness a post-breakdown decline of nearly 12%, revisiting the support zone around $200.
Can BNB Price Hold $200 Support?
Source- Tradingview
A broader perspective on the weekly charts reveals that BNB price has been trading within a tight range for over twenty months, contained within a symmetrical triangle pattern. With the expected decline, the coin may retest the triangle’s lower boundary near $200. Historically, touches on this lower trendline have spurred significant buying interest, often leading to a bullish turnaround. Hence, if this trendline holds amid the current pullback, a drop below the $200 psychological level seems unlikely.
- Relative Strength Index (RSI): A potential drop of the RSI below the 50% mark would signify an intensifying selling pressure in the market.
- Exponential Moving Average (EMA): A breakdown of the BNB price below the 200 EMA would provide a significant advantage to market sellers