The cryptocurrency world is constantly evolving and facing new challenges, with regulatory bodies playing a crucial role in shaping the future of digital assets. The BNB coin has been on a bearish movement lately amidst the SEC warnings on crypto exchanges falling 11%.
SEC Rises Standards as BNB Continues Dropping
The recent FTX collapse is not the only thing sending cryptocurrencies south. The Securities and Exchange Commission (SEC) recently took steps to raise standards in the industry. Cryptocurrencies, including the popular cryptocurrency Binance Coin (BNB), have experienced a steady decline.
At the time of writing, the price of BNB is $289.57, and there has been $1,508,451,678 worth of trading in the past 24 hours. This shows a decrease in price by 6.10% on the last day and a drop of 11.60% in the last week. BNB has a total of 160 Million coins in circulation, and the current market value is estimated at $46,852,544,033.
On February 10th, both Bitcoin (BTC) and Ethereum (ETH), two of the leading digital currencies, experienced a dip in value. Bitcoin saw a decrease of 3.87%, with a current trading value of approximately $21,850. Meanwhile, Ethereum saw a drop of 5.5%, trading at $1,547 as of the same date.
BNB Price Analysis
Binance Coin, also known as BNB, is a digital currency made by the popular crypto exchange Binance. It was first offered in an Initial Coin Offering (ICO) in 2017.
Initially, the value of BNB remained steady at about $0.10. However, as Binance gained popularity, the demand for BNB grew, and its price rose. In early 2018, BNB hit its highest-ever value at $24.91.
Later, the value of BNB, like others. Cryptocurrencies decreased to around $6 by the end of 2018. Despite this, Binance continued to grow, and the demand for BNB increased again. This resulted in a steady increase in its price over the next few years.
BNB hit its all-time high of $686 in March 2021, which has since fallen to the current market price. The decrease in BNB price is about 56%. It looks like the bear market has been persistently pushing.
In the last seven days, BNB has seen a price drop of -10.70%, underperforming the overall cryptocurrency market (down -5.00%) and similar Ethereum Ecosystem coins (down -4.10%).
BNB Technical Indicator Price Analysis. Are the Bears Taking Over?
The market price of BNB has been trading gently along the 50-day moving average. Since the beginning of 2023, BNB has shown a bull run after bottoming up from the FTX effect that left it at $228.
The market broke through the 200-day moving average, pushing the price above the 9-day moving average. The crossing of the moving averages also confirms the bullish market surge of BNB.
However, the invisible resistance at $337 has plummeted the market price. For how long can this correction last? At the time of writing, the market price was trading above the moving averages, with the 50-day moving acting as a support. Still, the level at $280 seems to have support.
The lower high created at $3.15 is also something to look at. Creating a lower high indicates a continuation of the bearish trend. Besides, the Relative Strength Index also trades below the 50-level mark. This is an indication that the bears might be taking over.
Based on the analysis above, the price of BNB has two scenarios. On scenario one, the market might bounce back and reach it’s former high at $380. On scenario two, the price might break the support level and plummet further to $260 before picking up on a bull run.
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