Chart by TradingView
Binance Coin’s volatility exploded after yesterday’s events. CZ also resigned as CEO.
Key Support levels: $230, $200
Key Resistance levels: $265
After yesterday’s DOJ announcement was made public, BNB crashed by over 15%. This happened as the price was trying to break above the resistance at $265. Since then, this cryptocurrency managed to find good support at $230.
The momentum indicators are bearish after this latest drop. The daily MACD continues to fall, and the RSI is making lower lows. This could lead BNB to test the support at $230 again or even the one at $200.
Yesterday’s news made BNB holders rush for the exit as the market processed the latest developments. This manifested in an extreme sell volume not seen since the peak of the bear market in 2022.
The bias for BNB is bearish.
Despite the volatility, BNB continues to hold strong above $200. As long as this key support is not lost, this cryptocurrency can reverse any damage from these past few days.
Moreover, Binance will continue to function under a new CEO and appears solvent, which can calm the market after this news passes.
