Binance coin (BNB) price has taken a nosedive this week after a surprise exit by the founder and CEO Chengpeng Zhao (aka CZ). As a part of the settlement with the US DOJ, the company’s 46-year-old founder has not pleaded guilty to the charges of violating US anti-money laundering laws but also agreed to step down from the leadership of the biggest crypto exchange.
Despite a 3.15% rebound on Wednesday, BNB crypto remains 3.15% down on the weekly timeframe. Yesterday’s panic caused a 10.9% plunge in the leading exchange coin which was gaining strength since its October lows.
As a result, the high timeframe outlook has flipped very bearish for BNB price. Therefore, for a better understanding, let’s analyze its chart on a weekly timeframe.
I have repeatedly pointed out the macro trading range of $184-$336 for BNB. After a rejection from the midpoint of this zone, Binance coin price prediction has taken a very bearish turn. This has put the price target of $184 within the bears’ reach.
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This post was last modified on Nov 22, 2023, 18:10 GMT 18:10