Binance Coin Price Analysis: BNB Crashes 10% on SEC Lawsuit, is $250 In Sight?

2023-06-06 12:27:36

Yesterday’s announcement that the SEC has sued Binance turned the whole market red, and BNB was quick to crash.

Key Support levels: $265

Key Resistance levels: $291

Volatility spiked as soon as the news that the SEC has filed a lawsuit against Binance broke out. The price of BNB fell by 10% within two hours. The rest of the market also followed suit, and most charts turned bearish.

The current support for BNB is found at $265 and is likely to be tested if sentiment remains bearish. The resistance is at $291.

Chart by TradingViewTrading Volume: The volume spiked as sellers rushed to the exit. In the process, BNB fell under $300.

RSI: The daily RSI reached the oversold area at under 30 points. This shows an extreme level of fear in the market.

MACD: The daily MACD turned bearish as soon as the news broke out. At this time, bears have full control of the price action.

Chart by TradingView## Bias

The bias for BNB is bearish.

Short-Term Prediction for BNB Price

The market is still digesting the news, and more volatility can be expected. For this reason, a test of the key support at $265 appears likely before buyers return. Binance has promised to fight the SEC, so this story is likely to continue developing for some time.

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