BNB Price Analysis After FUD

Binance’s terrible luck when for two consecutive days affected by negative news, how is the price of BNB after FUD?

BNB is accused of acting like a security

In a strong downtrend of the market where large-cap coins like BTC or ETH are all down, BNB, a currency of a very famous exchange, is no exception. In addition, yesterday, due to some influence from FUD news, this coin significantly impacted its value.

Specifically, as updated in previous articles by Coincu News, on May 6, Binance was accused by Reuters of having dirty money laundering up to $ 2.35 billion.

Soon after, on June 7, the SEC investigated Binance, suspecting that 2017 BNB was acting as a security. This is also the main reason for the price movement of BNB.

When FUD does not appear, the price of Binance coin fluctuates between $295 and $300. However, when the FUD appeared, this greatly affected the price of Binance coin. The value of this coin fell 7% from the peak, and the news of this FUD affected the market, causing other altcoins also to decrease accordingly. After the price touched the support area of ​​$274-276, there was buying power to help the price stabilize again.

Currently on the medium term chart BNB is still in a downtrend and moving in the middle of a triangle pattern.

Short-term BNB is rising to retest the resistances in the H1 frame for a possible trend change.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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