The Securities and Exchange Commission’s (SEC) lawsuit against Binance.US on June 5 has sent shockwaves through the cryptocurrency industry, causing Binance Coin (BNB) to experience a tumultuous tumble. Similar to the highly-watched Ripple case, the legal proceedings surrounding Binance are becoming increasingly complex. The latest development involves a dispute over the 220 documents submitted by Binance during the expedited discovery process. The SEC alleges that these documents are insufficient, and there are also alleged problems with accessing witnesses. In the midst of this chaos, Binance.US is struggling with near rock-bottom trading volume, with just $5.09 million in trading volume on September 16 after the suspension of nearly 100 trading pairs.
Despite the legal saga and the negative impact on trading volume, Binance Coin is showing signs of mounting a comeback. Currently trading at a market price of $218.9, BNB has experienced a 24-hour change of +1.11%. This comes after a significant -33.3% drop following the SEC lawsuit announcement, which caused the price to plummet from above $300 to $225. Since then, BNB has been trading in a tight range between $200 and $250, closely tracking the 20-day moving average (20DMA) as it battles to flip resistance to support. However, there are indications that the technical structure is improving, with the formation of double-bottomed support on August 22 and September 12 leading to an +8.46% bounce-off of the lower trendline support in the past week. The reclamation of the 20DMA has also provided a strong foothold for BNB to potentially break out of the lower trading channel.
While Binance Coin’s price action appears to be improving, there are mixed signals from the technical indicators. The rising Relative Strength Index (RSI) suggests an increase in buying pressure, reaching a neutral signal at 52.81. This could indicate either consolidation or a potential retracement. On the other hand, the Moving Average Convergence Divergence (MACD) is showing strong bullish divergence, with the reclaimed 20DMA fueling the indicator up to 1.2. Overall, BNB seems to be in a strong position, with double-bottomed support, a reclaimed 20DMA, and bullish indicators, even in the face of fundamental headwinds.
Considering the technical indicators and the current market conditions, Binance Coin’s upside target is set at $250, representing a potential +14.31% move. On the downside, the significant support level is at $205, with a possible -6.26% drop. This provides BNB with a risk-to-reward ratio of 2.28, making it an appealing entry point for short-term buyers. Despite the ongoing legal battle with the hostile US regulator, Binance Coin’s technical factors suggest that it may not be too late to buy BNB.
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Despite the legal challenges faced by Binance, Binance Coin is showing signs of a potential comeback. Technical indicators, such as double-bottomed support and a reclaimed 20DMA, suggest that it may not be too late to buy BNB. Additionally, Launchpad XYZ presents an exciting opportunity for investors looking to explore the evolving crypto industry. With its comprehensive features and ambitious vision, LPX has the potential for significant growth. However, it’s important to remember that cryptocurrency is a high-risk asset class, and caution should always be exercised when making investment decisions.