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Unlike other major altcoins that have made significant gains above their prices in January of this year, <a href="https://en.coin-turk.com/recent-evidence-points-to-large-scale-crypto-transfers-by-binance-via-signature-bank-and-silvergate-bank/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>‘s <a href="https://en.coin-turk.com/binance-coin-bnb-and-the-lawsuit-what-investors-need-to-know/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB</a> continues to remain under selling pressure following significant losses due to disturbing <a href="https://newslinker.co/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">news</a> flow. As speculations abound about when BNB might recover, seasoned crypto analyst Ali Martinez issued a warning.
<h2 style="text-align: justify" id="strong-bnb-under-regulatory-pressure-strong">BNB Under Regulatory Pressure</h2>
The first and most significant factor keeping BNB’s price under pressure was the announcement in early June of this year that the U.S. Securities and Exchange Commission (SEC) had filed a lawsuit against crypto exchange Binance. This announcement pushed BNB off the cliff, erasing all its gains at that time and causing the altcoin’s price to fall below its annual opening level. For several months after the news, BNB mostly traded sideways, with no significant volatility except for a few minor rises and falls until late November.
The resignation of Changpeng Zhao from the CEO position of the crypto exchange as part of an agreement with the U.S. government on November 21 also fueled the decline in the altcoin. Since then, BNB’s price has been hovering around $230, and many investors are wondering whether and when the trend in the altcoin will reverse and enter a bullish phase.
<h2 style="text-align: justify" id="strong-is-it-the-right-time-to-invest-in-bnb-strong">Is It the Right Time to Invest in BNB?</h2>
In Binance’s BNB’s weekly timeframe price chart, a clear descending triangle formation is seen. Experienced crypto analyst Ali Martinez implied in his assessment on his personal X (formerly Twitter) account on December 10 that the altcoin’s price has not yet escaped the downward momentum.
A descending triangle formation is a chart formation that occurs when the resistance line connecting the peak points is downward sloping and the support line maintains its horizontal position, and it is a continuation formation for a downtrend.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-287341" src="https://coin-turk.com/wp-content/uploads/2023/12/Binance-BNB-Altcoin.jpeg" alt="" width="1600" height="1084">
Martinez added that it might be wise for investors to stay away from BNB for a while longer due to its recent performance. However, he emphasized that investors interested in buying BNB should wait for a candle close above the price level of $260, at which Zhao resigned, which would likely confirm that the altcoin has entered a bullish phase. Continue Reading: <a href="https://en.coin-turk.com/is-binances-bnb-coin-under-pressure/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/is-binances-bnb-coin-under-pressure/</a>

Is Binance’s BNB Coin Under Pressure?

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