BNB Price Outlook: Technical Rebound Expected Amid Binance-SEC Clash. Explore potential targets and predictions for BNB, including a 30% decrease possibility. Stay informed on the latest developments in BNB’s market value.
Despite the ongoing clash between Binance and the SEC, BNB is trying to maintain a positive outlook in the short term. However, there is a possibility of a significant 30% decrease in its price. Since June 5, when the SEC took legal action against Binance, the market value of BNB has already decreased by over $7 billion.
Technical Rebound Anticipated For BNB Price
The SEC lawsuit against Binance has had a significant effect, causing BNB to decline by almost 15% in the past week. On June 6, the SEC asked the U.S. District Court to freeze Binance’s U.S. assets globally. If the order is approved, the exchange will probably have to return the money and cryptocurrency that customers have deposited, held, traded, and earned on its U.S. platform.
At the same time, Binance’s U.S. division stopped trading for various pairs, including Bitcoin. In theory, these developments could affect people’s desire to buy BNB since it serves as a utility token within the Binance ecosystem. However, when we consider technical indicators for the short term, the situation appears different. The BNB/USD pair seems poised for a potential rebound in the near term. This is because it is currently trading near a crucial support level, and its daily relative strength index (RSI) has fallen into the “oversold” region below 30.
In this scenario, the BNB price is expected to aim for its next target of around $280, which is a resistance point on the descending trendline. This represents an increase of approximately 7% from the current price levels and is anticipated to occur in June. On the contrary, if BNB decisively breaks below its ascending trendline support that has been in place for multiple months, it is crucial to keep an eye on $240 as a potential downside target for June. This level, which is around 10% lower than the current price levels, aligns with the breakdown of the rising wedge pattern (purple).
Forecasting Binance’s BNB Token: Will It Reach $180 In 2023?
TraderSZ, an independent market analyst, predicts that BNB may decline towards its previous low of $180 in 2022 due to the ongoing conflict between Binance and the SEC. It is noteworthy that the continued breakdown of a descending triangle pattern in the BNB price also indicates a similar outcome.
In general, descending triangles are seen as patterns that suggest a continuation of a downtrend. These patterns tend to conclude when the price breaks below the lower trendline support, resulting in a potential drop equal to the pattern’s maximum height. Consequently, there is a possibility that BNB may decline towards its triangle target of approximately $180 in 2023, representing a decrease of approximately 30% from the current price levels.