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- Binance Coin (BNB) remains under bearish influence, trading below $280.
- In the last 24 hours, BNB’s trading volume decreased by 28.6%.
BNB Coin (BNB), the cryptocurrency associated with Binance, is experiencing significant selling pressure due to the adverse effects of the SEC’s crackdown on crypto. The lawsuit involving the SEC and Binance has led to a decline in BNB’s value by 9.15% — dropping from $306 to $278 — over the past three days.
In this legal action, the US regulator claimed that BNB and 60 other cryptocurrencies are unregistered securities. This allegation has triggered a sharp decline in the value of these affected assets within the crypto market. The situation has been exacerbated by the SEC’s decision to include Coinbase as its second target in the ongoing series of crypto lawsuits. Additionally, the regulatory conflict has intensified with the SEC’s recent move to freeze Binance’s assets.
A Distant Recovery For BNB Coin?
Since Monday, BNB Coin (BNB) has entered an oversold condition and continues to remain in this state. At the time of this analysis, the relative strength index (RSI) for BNB Coin was recorded at 27.50. This ongoing trend indicates the persistent selling pressure that BNB is facing.
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Conversely, the BNB bears show no signs of abating. According to data from TradingView, the price action has struggled to surpass the 50-day moving average (50MA), reflecting a strong downtrend.
Binance Coin (BNB) Price Chart (Source: TradingView)
Furthermore, the moving average convergence/divergence (MACD) indicator also supports the continuation of the bearish trend. The MACD line is positioned below the signal line, indicating negative market sentiment.
As the MACD shows no divergence in relation to BNB’s price action, there are no indications of a potential reversal from this bearish trend. Meanwhile, the number of active BNB addresses over the past week has seen significant declines. After experiencing high levels of price volatility throughout the week, BNB Coin was trading at $277.10 at the time of this report, according to CoinMarketCap.
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