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BNB price experienced a sharp decline due to the allegations surrounding Binance and the major downturn in the cryptocurrency market. BNB has been under significant selling pressure recently and has been one of the hardest-hit.
Has the BNB Price Drop Ended?
With the sharp decline that started on Friday, the BNB price dropped to $215 and then further to $204. $204 became the lowest point of the year for BNB price, setting a new record. The billing alleged to be initiated against Chanepeng Zhao, CEO of Binance, by the US Department of Justice, was a critical factor in this matter.
Binance is currently associated with numerous investigations worldwide, which negatively affect the BNB price. The US Department of Justice also emphasizes that Binance has violated sanctions with Russia in its latest allegation.
BNB Price Rise Scenarios
The BNB price chart has also been affected, experiencing a sharp decline. After the sharp liquidation, BNB plummeted to $204. Following this, it can be said that the price targets $240 and above with a V-shaped formation. Currently, the resistance levels for BNB, which broke the $210 resistance, are $224, $232, and $240. Breaking these levels, which were recently at these levels, will not be too challenging for BNB.
When looking at other critical data, it is observed that $230 actually corresponds to the 38.2% Fibonacci level. A closing above $215 can be a guarantee for further increases, and currently, the RSI presents a very optimistic outlook.
Currently, BNB is trading at $214 and has experienced a 2.4% increase in the last 24 hours, going against the direction of the entire cryptocurrency market. BNB has actually managed to be the cryptocurrency with the highest increase among the top 10, while all other altcoins, except for stablecoins, continue to decline.
