Greed

Cryptocurrency

Cardano

<div class="finbold"> 
 <p class="paragraph">Unlike most other major cryptocurrencies that are decisively above their January values in the final month of 2023, BNB has experienced a significant decline due to a barrage of troubling news.</p> 
 <div></div>
 <p class="paragraph">&nbsp;The first major event&nbsp; – and the one that had the starkest impact – came in early June when the Securities and Exchange Commission (SEC) announced it was suing the cryptocurrency exchange Binance.</p> 
 <p class="paragraph">The announcement sent BNB falling off a cliff, erasing its recent growth and dropping it below January 1 prices. For several months after the news, BNB continued trading mostly sideways and went through several smaller rises and drops until late November.</p> 
 <p class="paragraph">On November 21, Changpeng Zhao stepped down as CEO of the crypto exchange as part of a settlement with the U.S. government. Since then, BNB has continued trading close to $230, making many investors wonder when and if the cryptocurrency will again enter into a <a rel="dofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> phase.</p> 
 <figure class="wp-block-image aligncenter">
  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/6n67dIJpI1vMp1qD0oTzxMBMxi-YWy3e42A16XOmZax4LJpA3bDU0BmOHIRvL3wWST1wRK47lJKvp7ZHLuBr2u5MZfNv4VyMCTOvgScvzGO28fL04uUSPT5MYdxzUrnAFUt7SEwstHAatHTh9wGxPzU" alt>
  <figcaption class="wp-element-caption">
   BNB YTD price chart. Source: Finbold
  </figcaption>
 </figure> 
 <h2 class="wp-block-heading" id="h-what-would-be-a-good-time-to-buy-bnb">What would be a good time to buy BNB?</h2> 
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8"> 
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto"> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/12/11/64201e25f2532a23391961c393d5bb8e.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="this-altcoin-can-explode-500-if-current-momentum-holds"> This altcoin can explode 500% if current momentum holds </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/12/10/bd36b54962216efbdadf1ff9818142a0.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="this-decade-old-article-reveals-chatgtp-s-ceo-true-thoughts-on-bitcoin"> This decade-old article reveals ChatGTP's CEO true thoughts on Bitcoin </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/12/11/d1083c7065c62b3c20050c90e1e04211.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="cardano-founder-says-crypto-industry-doesn-t-need-bitcoin-to-survive"> Cardano founder says crypto industry 'doesn't need Bitcoin to survive' </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/12/11/31e2e31a3e757e8dc70b3086a231d285.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="multi-year-high-greed-floods-back-into-crypto-market-why-does-it-matter"> Multi-year high Greed floods back into crypto market; Why does it matter? </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/12/10/fbc8346512e899a18f6c0872f1ee3e3c.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="total-value-locked-in-defi-surpasses-multiple-countries-gdp"> Total value locked in DeFi surpasses multiple countries' GDP </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment"> 
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;"> 
  </div> 
 </div> 
 <p class="paragraph">In its most recent weekly chart, Binance’s BNB formed a clear descending triangle, hinting that the cryptocurrency has not yet escaped its bearish momentum, as noted by the crypto analyst Ali Martinez in an X post from the evening of December 10.</p> 
 <p class="paragraph">A descending triangle is a chart pattern that forms when the resistance line connecting the highs is sloped downward, and the support line maintains a horizontal position and is a bearish continuation pattern.</p> 
 <figure class="wp-block-image aligncenter">
  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/y39KaK19vO5KDXFu5dYRIIzpWw1kd2EbwDyp0cfSv00arW2b2mGZ5awt3DUHIZucCXYZgT9WC1Nr8HY5hoDGjiHaUT1-JpR51Vnern14koKUbX3LL_WZzgasvzRkCyRqdHXfmmTFcO_r4j2uc0yH1go" alt>
  <figcaption class="wp-element-caption">
   BNB’s weekly descending triangle. Source: Ali Martinez
  </figcaption>
 </figure> 
 <p class="paragraph">Martinez assessed that BNB’s recent performance indicates that “it might be wise to hold steady” for the time being. They, however, stated that investors interested in buying the Binance coin should look for a close above $260 – the price last around the time Zhao resigned – as it would indicate that BNB is likely entering a <a rel="dofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> <a rel="dofollow" title="breakout" href="https://thebittimes.com/tag/breakout.html">breakout</a>.</p> 
 <h2 class="wp-block-heading" id="h-bnb-price-analysis">BNB price analysis</h2> 
 <p class="paragraph">Recent months saw BNB caught up in the momentum of the current crypto market rally. Between mid-October and Zhao’s departure, it rose from about $205 to above $250, only to plunge below $230.&nbsp;</p> 
 <p class="paragraph">More recently, Binance coin started slowly rising again but was affected by a major selloff that took place in the night between December 10 and 11.</p> 
 <p class="paragraph">In the last 24 hours, largely due to the selloff, BNB is down 2.73% and stands at the price of $233.59 at the time of publication.</p> 
 <figure class="wp-block-image aligncenter">
  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/K6D_-nylaSJPoXhQNA7aBVH4Yg4POoyWtHceAijOEv35_bNmygvwHz3eGGx1nHPGdqyPTibq1FX_PlZS6Y1XKocYOvTiRHuxu0eSuYV94lcJJVAPyUa5x_HajQ1MWf_jSYHZwHoedPlJje9AWmD0F5s" alt>
  <figcaption class="wp-element-caption">
   BNB 1-day price chart. Source: Finbold
  </figcaption>
 </figure> 
 <p class="paragraph">The selloff, estimated to have liquidated positions worth approximately $280 million, had a significant effect across the crypto market. In the last 24 hours, Bitcoin (BTC) is down more than 3% and is worth about $43,363 and Ethereum (ETH) has dropped 4.48% to a price of $2,247.27.</p> 
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
 <p class="paragraph"> </p>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/this-is-when-bnb-will-begin-a-bullish-breakout-tbt73276.html">https://thebittimes.com/this-is-when-bnb-will-begin-a-bullish-breakout-tbt73276.html</a></p>

This is when BNB will begin a bullish breakout

Table of Contents

TheBitTimes

Other articles published on Dec 11, 2023

XRP Blunder: Billionaire CEO Admits Mistake In Candid Revelation

Crypto Analyst Moustache’s Insights Amid Market Turbulence

Harga ADA Diprediksi Meroket ke US$10, Ini Faktor Pendukungnya

BAL Coin Analysis: Bulls are Rising Towards the Year-to-Date High

Immutable (IMX) Moves Above $2 for the First Time Since April 2022

CoinShares Report: Altcoins Shine as Investors Diversify Crypto Portfolios

Join our free newsletter for daily crypto updates!