Experience the rollercoaster ride of $BNB in 2023, as it hovers around the $200 mark and faces a looming threat of a $4.3 billion fine from the US Department of Justice. Will it survive the storm or plunge into the depths of $30?
US Authorities Turn Up The Heat On Binance
The United States government and its financial overseer, the Securities and Exchange Commission (SEC), have been keeping a close watch on Binance and its enigmatic CEO, Chang Peng Zhao (CZ). With a hint of suspicion towards cryptocurrency, the Biden administration was determined to bring down this powerful force in the industry.
After relentless pressure, the exchange finally buckled under the weight of its own wrongdoing. In a shocking turn of events, CZ, the once-revered CEO, boarded a flight to the United States to face the music for a litany of malpractice charges.
$BNB Price Was Ready To Fall Off A Cliff
Discover the shocking truth behind $BNB’s tumultuous journey in the latter half of 2023, as depicted by the gripping weekly chart below. Witness the nail-biting three months from August to October, when the exchange was forced to fork over a jaw-dropping $4.3 billion to the DOJ.
The potential devastation if $BNB had plummeted below $200, akin to a freefall off a cliff with the next support a daunting $30, marking an astounding 85% decline.
Despite facing multiple setbacks, including a staggering 18% dip upon news of the settlement and a subsequent 14.6% drop entering 2024, the price has shown remarkable resilience. And just when it seemed like the market was in for another blow with a 15.5% pullback in March, the first quarter of 2024 proved to be a triumphant comeback for the price, inching closer to its record-breaking high of $691 from May 2021.
All-Time High In Sight – Not A Bad Recovery
As we zoom into the daily time frame, we can see $BNB is currently nestled within an upward sloping wedge. This may seem like a typical bearish pattern, but if $BNB can break free from its constraints and soar upwards, it would be a truly remarkable feat.
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However, the journey to success won’t be easy, as there are two major obstacles in the way – a resistance at $632 and another at $656. But if $BNB can overcome these hurdles, the path to a new all-time high above $690 will be wide open.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.