Binance Coin (BNB) Massive Price Pump Brewing Despite CFTC Lawsuit

2023-3-30 17:00

The Binance Coin (BNB) price is attempting to find support and start a massive upward movement.

The Binance CEO Changpeng Zhao responded with disappointment to a lawsuit against the Binance cryptocurrency exchange by the U.S. Commodity Futures Trading Commission. However, users withdrew $1.6 billion from the exchange after the lawsuit became public.

Binance Coin (BNB) Price Struggles After Yearly High

The BNB price has increased since March 10, breaking out from a descending resistance line and reaching a new yearly high of $346.30 on March 18. During this movement, the price reclaimed the $286 horizontal area, which is now expected to provide support.

The Binance Coin price fell after reaching the yearly high, trading slightly above the 0.5 Fib retracement support level at $305. If the area fails to initiate a bounce, the price could fall to the aforementioned $286 support area. 

Moreover, the daily RSI is right at the 50 line. A bounce at the line could coincide with a bounce at the $305 support area. If so, the price could increase toward the next resistance at $357.

BNB/USDT Daily Chart. Source: TradingView Binance Coin (BNB) Price Wave Count Predicts Rapid Increase

The wave count for BNB provides a decisively bullish outlook. This is because the BNB price seems to be in wave three of a five-wave upward movement. Wave three is often the steepest of the three bullish waves. The sub-wave count is given in white, indicating that the price is completing sub-wave two.

If the count is correct, the BNB rate of increase will soon accelerate sharply. A potential target for the top of wave thee is at $498, found by the 0.618 Fib retracement resistance level of the entire drop since the all-time high.

However, if the price decreases below $265, it will invalidate the bullish structure and indicate that the trend is bearish instead. In that case, the BNB token price could drop to the $220 support area.

BNB/USDT Daily Chart. Source: TradingView

To conclude, the most likely BNB price forecast is the acceleration of the upward movement toward $357 and potentially $498. A drop below $265 would invalidate this bullish outlook and could cause a fall to $220.

For BeInCrypto’s latest crypto market analysis, click here.

The post Binance Coin (BNB) Massive Price Pump Brewing Despite CFTC Lawsuit appeared first on BeInCrypto.

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