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Binance Coin Price Prediction: US Probe Brings New Headwinds

There is a feeling that negative Binance Coin price predictions may enter the market, after it was revealed on Thursday that US authorities have been trying to dig up some dirt on Changpeng Zhao (CZ), founder of the Binance exchange.

Federal prosecutors in the United States have asked for access to CZ’s emails and other communication records as part of an anti-money laundering investigation. Some of this communication dates back to 2020. A Reuters report also confirms the company is being investigated to see if it defied the Bank Secrecy Act.

US laws mandate brokerages and exchanges with US clients to make such information available to the tax and financial regulatory authorities and also prohibit foreign companies not licensed in the US from soliciting US clients. Companies wishing to do business with US clients must also be registered with the US Treasury.

Despite trading flat on Friday ahead of the US Non-Farm Payroll report, the Binance Coin has lost nearly all its gains this week after three consecutive losses from 30 August to 1 September. The BNB/USDT pair had witnessed a recovery after hitting 18 June lows at 183.0 and hit a peak on 10 August at 336.8 before the correction set in. Here is the Binance Coin price prediction heading into the weekend. 

Binance Coin Price Prediction

The 273.9 support level continues to hold despite several tests. A breakdown of this area allows the bears to chase down 258.4 (19/24 July lows). The 24 June high/26 July low at 240.4 becomes a new target if the bulls fail to defend 258.4. An additional harvest point at 214.0 (22 June and 2 July lows) becomes available on further price deterioration. 

On the other hand, the 298.2 resistance barrier becomes a new target if the bulls initiate a bounce from the current support. A break of 298.2 sends the token towards the 334.0 resistance (26 May and 11 August highs). Only a break of this level restores the minor uptrend recovery, targeting 359.4 and 388.3, in that order.

BNB/USDT: Daily Chart