Binance Coin Price Prediction as BNB Whale Cashes Out of $2 Million Position After Two Years – How Low Can BNB Go?
The Binance Coin price has risen by 4% in the past 24 hours, reaching $235 as the altcoin tries to shake off the steep losses caused by the SEC's legal action against Binance.
Despite its rise today, BNB remains down by 15% in a week and by 25% in the past fortnight, with the exchange token actually down by 4% since the beginning of the year (whereas most major cryptocurrencies are up).
And while BNB has revived a little in the past 24 hours, it's likely this movement is a dead cat bounce, given that today will witness a hearing on the SEC's motion to impose a temporary restraining order on Binance.US' assets.
If the regulator's motion is granted, BAM -- the owner of Binance.US -- has warned that it would "effectively end" its business, something which would undoubtedly have grave repercussions for Binance as a whole and for BNB.
Needless to say, the past week or so has been terrible for BNB, as reflected by its charts and indicators.
The altcoin's relative strength index has spent much of the month in and around the 30 level, signalling substantial selling.
Likewise, its 30-day moving average (yellow) has fallen steeply below its 200-day (blue), which again suggests further losses to come, until at least the 30-day levels out.
Such a levelling-out may not occur for some time, however, given that BNB's support level (green) is also falling precipitously, and is unlikely to stick to its current level of around $224.
Fundamentally, this is because the SEC's action against Binance and Binance.US (in particular) has only just begun, with a hearing set to happen today in Washington D.C. that will determine whether the regulator's temproary restraining order on Binance.US' assets is granted.
And judging by what whales have been doing
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