United

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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/RJOAGq6G-e1700596161895.png" class="attachment-full size-full wp-post-image" alt="BNB price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Binance Coin Price Prediction: In the past two weeks, the BNB price oscillated between $257 and $236, mirroring the broader crypto market’s uncertainty. This phase was abruptly disrupted by news of <a href="https://coingape.com/breaking-binance-ceo-resigns-as-part-of-doj-settlement/?utm_source=24hrsupdateall">Changpeng Zhao’s resignation as CEO of Binance</a>, triggering a sharp sell-off in BNB and across the cryptocurrency market.&nbsp; 
Presently, the Binance coin is trading around $239, marking a 5.6% decrease within a day, and its market capitalization has fallen to $36.4 billion. 
Also Read: <a href="https://coingape.com/us-justice-department-seizes-9-million-in-tether/?utm_source=24hrsupdateall">US Justice Department Seizes $9 Million in Tether in Major Scam Crackdown</a> 
<h2 id="strong-binance-coin-price-prediction-bnb-price-poised-for-12-fall-strong">Binance Coin Price Prediction: $BNB Price Poised for 12% Fall&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bearish breakdown from the emerging support trendline has set the BNB price for a 12% drop.</li> 
 <li style="font-weight: 400;" aria-level="1">A symmetrical triangle pattern governs the sideways trend in the Binance coin.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/r/RJOAGq6G.png" alt="Binance Coin Price Prediction" width="1946" height="1104">Source- Tradingview 
The <a href="https://coingape.com/price/binance-coin/">Binance coin price</a> entered a strong recovery mode in mid-October when the price rebounded from $202.8 to a high of $271, accounting for 34% growth. However, this recovery witnessed a major downturn today as Binance CEO Changpeng CZ Zhao resigned from the exchange as part of a $4 billion settlement with the United Department of Justice. 
<blockquote>
 This news triggered a substantial outflow in the BNB value, causing many <a href="https://coingape.com/binance-settlement-triggers-unexpected-crypto-market-downturn/">leading cryptocurrencies to turn red today</a>. With a 5.6% intraday loss, the sellers have breached an ascending support trendline that carried the October-November recovery of the BNB price.
</blockquote> 
Should the price close below this trendline and the $234.6 horizontal level, it could set the stage for a more pronounced bearish downturn. In this scenario, we might witness a post-breakdown decline of nearly 12%, revisiting the support zone around $200. 
<h2 id="strong-can-bnb-price-hold-200-support-strong">Can BNB Price Hold $200 Support?</h2> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/3/3JuxX8zo.png" alt="TradingView Chart">Source- Tradingview 
A broader perspective on the weekly charts reveals that BNB price has been trading within a tight range for over twenty months, contained within a <a href="https://coingape.com/glossary/symmetrical-triangle-pattern/">symmetrical triangle pattern</a>. With the expected decline, the coin may retest the triangle’s lower boundary near $200. Historically, touches on this lower trendline have spurred significant buying interest, often leading to a bullish turnaround. Hence, if this trendline holds amid the current pullback, a drop below the $200 psychological level seems unlikely. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index (RSI): A potential drop of the <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> below the 50% mark would signify an intensifying selling pressure in the market.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average (EMA): A breakdown of the BNB price below the 200 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> would provide a significant advantage to market sellers</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/binance-coin-price-prediction-will-bnb-lose-200-mark/">Binance Coin Price Prediction: Will $BNB Lose $200 Mark From CEO ‘CZ’ Resignation</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Binance Coin Price Prediction: Will $BNB Lose $200 Mark From CEO ‘CZ’ Resignation

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