- CFTC sues Binance for trading violations
- BNBUSD bearish bias persists
- $200 is a major support area
The cryptocurrency market is hit with one other scandal as information that CFTC (Commodity Futures Trading Commission) is suing Binance for trading violations. As it seems, Binance is accused of getting over 300 trading accounts underneath the management of CZ, and these accounts commerce crypto.
The downside is that it is straightforward to control market costs by a tactic often called wash trading. Binance’s picture is affected, and it would impression its coin, too, BNB.
BNB is the cryptocurrency coin that powers the BNB Chain ecosystem. It traded as excessive as $700 in the course of the 2021 bull market however has given up greater than half of its positive aspects since then.
So what do the charts inform us concerning the subsequent attainable course for the BNB/USD?
$200 is a major support area for BNB
After surging in the course of the bull run of 2021, BNB/USD made a double high sample across the $700 area. From that second on, the bearish bias continued, because the market was unable to interrupt the sequence of decrease highs.
Even the 2023 rally within the cryptocurrency market was not sturdy sufficient for the market to interrupt above the earlier decrease excessive. As such, the bearish bias persists, and all eyes at the moment are on the $200 area the place the market discovered sturdy support beforehand.
Only a each day shut above $400 would invalidate the bearish bias. Until then, the trail of least resistance stays the draw back.
