The US Department of Justice’s contemplation of fraud charges against Binance has sent shockwaves through the cryptocurrency market, significantly impacting the price of BNB coin. In the wake of a selling frenzy fueled by fear, uncertainty, and doubt (FUD), the BNB price experienced a sharp 3.63% decline over a span of just a few days. Despite this tumultuous period, recent market data indicates that the BNB coin has found stabilization through a rising support trendline.
Analyzing the daily technical chart of Binance Coin reveals the compelling influence of support and resistance levels on price movements. Historical price performance serves as a valuable guide, offering insights into potential future trends. Notably, the recent upward trajectory from the $235.3 benchmark has yielded a 4% return for investors.
Sustaining the upward momentum hinges on BNB’s ability to maintain a price above the $235 level. This achievement would establish an initial target of $255, with further advancements possible upon daily closings above $255, potentially reaching the $276 mark.
At present, BNB coin is valued at $244.49, displaying slight price fluctuations amid a market cap of approximately $37.802 billion and a daily trading volume of $426.982 million.
