1. The price of Binance Coin dropped by 2.46% to $519 before the upcoming court case against the Nigerian government. The wider market instability and legal issues seem to be hindering BNB‘s price rebound, as the daily chart indicates a flat trend since March 2024. Will buyers regain bullish momentum?
BNB Price Faces Uncertainty Amid Nigerian Legal Challenges
1. The BNB price, having bounced back from the $600 barrier, indicates that it may still be moving within a range. This is possibly due to buyers finding it challenging to establish a steady comeback amid ongoing legal disputes with the Nigerian government and other lawsuits.
On February 26th, 2024, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were taken into custody by the Nigerian government on charges of tax fraud and money laundering. Due to pleas from their defense team, the trial that was originally scheduled for October 11th has been moved forward to September 2nd.
Prior to the scheduled hearing, Richard Teng, CEO of Binance, contradicted the Nigerian government’s statement suggesting that Binance had made $26 billion in revenue from its Nigerian operations in 2023. Instead, he explained that Binance’s transaction volume in Nigeria was $21.6 billion, with actual earnings being substantially less. Furthermore, Teng rejected the notion that Binance played a role in the devaluation of the Nigerian currency, asserting that this accusation lacked factual support.
If the recent clarifications positively impact the upcoming hearing, it’s possible that the BNB price might maintain its $500 support level. But if legal pressures persist, this ongoing correction could stretch out longer.
Binance Coin Price Hints 17.5% Drop Before Major Support Test
Analyzing Binance Coin’s (BNB) daily price movements reveals a consistent trend of moving sideways, fitting within the structure of a widening channel or “broadening wedge” formation. This pattern suggests growing indecision among traders, as evidenced by the two sloping lines that diverge from each other. If this uncertainty persists, it may lead to a substantial drop in price.
If the downward trend continues, the price of Binance Coin might drop by approximately 17.5%, reaching the support level at around $420. This possible dip is crucial for cryptocurrency investors since it previously led to a recovery of about 33%.
Should the underlying support remain strong, there’s a possibility that buyers might test the $600 resistance again, potentially leading to an upward trend towards $721. At present, the BNB price is trying to find stability at the 200-day moving average slope to prevent the predicted decline.
Instead, if the price of Binance Coin falls below the trendline of the wedge-shaped support, it may give the sellers more control, potentially leading to a prolonged period of downward adjustment.
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2024-09-01 23:32