BNB price prediction Should I buy Binance Coin now?

  • The Securities and Exchange Commission (SEC) has filed the largest lawsuit in the cryptocurrency industry.

  • Binance and its CEO, Changpeng Zhao, have been sued in the United States by the SEC.

The price of Binance Coin has been decreasing significantly since the SEC filed a major lawsuit against Binance and its CEO. BNB coin has dropped to a low of $272.6, which is the lowest level it has been at since March 11. It has decreased by over 20% from its highest level this year.

SEC sues Binance and Changpeng Zhao

On Monday and Tuesday, Binance Coin and other cryptocurrencies experienced a significant drop after the SEC filed one of the most significant lawsuits in the cryptocurrency industry. In a statement, the agency sued Binance, alleging that it had deceived customers and offered regulated products to American customers without following the law.

As expected, cryptocurrencies tend to underperform during major announcements such as this. We have seen similar drops in the past, such as after the collapse of FTX and Terra. Most importantly, XRP and other coins fell after the SEC filed a lawsuit against Ripple.

There are also concerns about the state of regulations in the industry, with the US using enforcement instead of engaging with the cryptocurrency industry. Analysts believe that the agency will continue to be tough on digital currency companies after the collapse of FTX.

However, this does not necessarily mean that the BNB coin price will continue to fall. The most recent data shows that Binance is doing well, with over $1.47 billion in outflows in the past 24 hours, according to data by DeFi Llama. Despite this large number, the company still has over $51 billion in assets.

Historically, many investors tend to buy the dip in cryptocurrency after major events. For example, most coins increased in value this year despite the collapse of FTX.

BNB price forecast

The daily chart shows that Binance Coin price has been in a slow bearish trend for the past few days. This sell-off intensified after the SEC lawsuit. As it decreased, the coin fell below the key support level at $298.4, the lowest point on May 12th.

Binance Coin has retreated below all moving averages and is slightly above the key point at $265.6. Therefore, it is suspected that the coin will remain under pressure this week and then bounce back as the lawsuit fades. As we have seen with XRP, it is possible for a coin to rise despite a lawsuit. The initial level to watch will be at $265.

How to buy Binance Coin

eToro

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Swapzone

Swapzone is a cryptocurrency exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

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