Binance Coin is Going to Zero as the SEC Clamps Down on Crypto Exchanges but Eco Friendly Project Ecoterra Just Hit $4.8 Million – What's Going On?

cryptonews.com:

As the aftermath of the seismic SEC v. Binance lawsuit sinks in, crypto markets are reeling at the mass enforcement move by the SEC which has raised major red flags around big projects such as BNB, SOL, MATIC, and ADA.

Among the worst hit, BNB suffered a sudden -17% cascade as traders took stock of the rocky road ahead for CZ's Binance Coin.

Binance coin holders are now reeling, in a desperate attempt at consolidation around the $225 support level.

This leaves BNB currently trading at $258 (a -8.11% 24-hour change).

Now in a lower support zone, price action over the next 24 hours will be critical, with markets on the edge of their seats waiting to see if price tumbles lower.

Indeed, the dramatic move down into lower ranges has formed a complete retracement of 5-months of slow-grinding gains for BNB holders, as Gensler moves to 'protect investors'.

Technical structure here is perilous, with price action falling away from the support of the MA200 which has formed steadfast footing since March 12.

Now teetering on lower trendline support, Binance coin could risk a complete breakdown from here with few lower support levels to reassure holders.

Oscillators provide some reasons to be cheerful, with the sudden dump rapidly cooling off the RSI to a huge oversold signal at 21.58.

However, the MACD forms a better measure of fundamental sentiment, with momentum down to -4.2, a serious bearish flag.

As markets digest the implications of the Binance lawsuit on BNB price action, many will be left wondering 'how low will BNB go?'.

Indeed, the fundamental headwinds are likely to form a capstone of resistance on upside potential for BNB for the foreseeable future - and this bleak outlook could bleed-out weak hands from holding BNB.

Upside therefore