- Binance Coin (BNB) continues to trade below $280 under the control of the bears.
- Over the past 24 hours, the trading volume of BNB plunged 28.6%.
BNB Coin (BNB), the native cryptocurrency of Binance, reflects the harsh impact of SEC’s crypto crackdown in its soaring selling pressure. The SEC vs Binance lawsuit succeeded in inducing BNB to plummet by 9.15% — from $306 to $278 — over the past 3 days.
In the lawsuit, the US regulator had alleged BNB and 60 other cryptocurrencies as unregistered securities. This has subsequently primed the nosedive of these targeted assets in the crypto market. The shockwaves continue to get amplified and SEC pulling its second target — Coinbase — into the crypto lawsuit series worsens it all. Furthermore, the regulatory war’s intensity has escalated with the SEC’s recent attempt to freeze Binance’s assets.
A Distant Recovery For BNB Coin?
Since Monday, BNB Coin drifted into the oversold state and resumes to hover within the zone. At the time of analysis, the relative strength index (RSI) of BNB Coin was 27.50. Hence, the ongoing pace points to the strong selling pressure that BNB continues to experience.
On the other hand, the BNB bears show no sign of slowing down. As per the data from TradingView, the price action failed to cross the 50-day moving average (50MA), displaying an intense downtrend.
Moreover, the moving average convergence/divergence (MACD) indicator also confirms the extension of the bearish trend. The MACD line was laid below the signal line and indicated the negative sentiment.
As MACD shows no divergence with respect to the price action of BNB, there is no hint of a pullback from this bearish momentum. At press time, BNB Coin traded at $277.10, as per CoinMarketCap.
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