Binance Coin Price Prediction as $1.5 Billion Trading Volume Sends BNB Coin Below $300 – Where is the Next Support Level?

cryptonews.com:

The Binance Coin price has dived by 8% in the past 24 hours, dropping to $276 following the SEC's opening of legal proceedings against Binance.

This price represents an 11% drop in the past week and a 15% fall in the last 30 days, with BNB up by 12% since the beginning of the year.

But with the SEC charging Binance with 13 offenses, including selling unregistered securities and commingling customer funds, it's very likely that BNB will suffer further declines in the coming days, weeks, and months.

This may not be the case if Binance manages to mount a strong defense against the new charges, but with the CFTC also suing the exchange on the basis of similar allegations, things don't look very promising for BNB.

If there's one positive thing that can be said about BNB right now, it's that its indicators suggest it's exceedingly oversold, something which in normal conditions would imply an incoming rebound.

The coin's relative strength index (purple) dropped below 20 yesterday, which again indicates intense selling, as also highlighted by the fact that its trading volume has topped $1.5 billion.

In addition, BNB's 30-day moving average (yellow) has slipped much further below its 200-day average (blue), and could continue falling for several more days.

Eventually, its descent should theoretically bottom out and the cryptocurrency should begin to recover, an expectation also supported by the coin rising by 1% compared to its lowest price yesterday.

Of course, BNB's dip isn't simply the result of some cyclical sell-off but results from the very serious charges it now faces from the SEC.

The US securities regulator has charged Binance and also its founder, Changpeng 'CZ' Zhao, with 13 violations, many of which mirror similar charges