- CFTC sues Binance for buying and selling violations
- BNBUSD bearish bias persists
- $200 is a serious help space
The cryptocurrency market is hit with one other scandal as information that CFTC (Commodity Futures Buying and selling Fee) is suing Binance for buying and selling violations. Because it seems, Binance is accused of getting over 300 buying and selling accounts underneath the management of CZ, and these accounts commerce crypto.
The issue is that it’s straightforward to govern market costs by a tactic often called wash buying and selling. Binance’s picture is affected, and it would impression its coin, too, BNB.
BNB is the cryptocurrency coin that powers the BNB Chain ecosystem. It traded as excessive as $700 in the course of the 2021 bull market however has given up greater than half of its beneficial properties since then.
So what do the charts inform us concerning the subsequent doable route for the BNB/USD?
$200 is a serious help space for BNB
After surging in the course of the bull run of 2021, BNB/USD made a double high sample across the $700 space. From that second on, the bearish bias persevered, because the market was unable to interrupt the sequence of decrease highs.
Even the 2023 rally within the cryptocurrency market was not sturdy sufficient for the market to interrupt above the earlier decrease excessive. As such, the bearish bias persists, and all eyes are actually on the $200 space the place the market discovered sturdy help beforehand.
Solely a day by day shut above $400 would invalidate the bearish bias. Till then, the trail of least resistance stays the draw back.