With CZ Pleading Guilty, Is Binance’s BNB Price Falling To Zero?

The post With CZ Pleading Guilty, Is Binance’s BNB Price Falling To Zero? appeared first on Coinpedia Fintech News

What Happened To CZ?

In breaking news, CZ steps down as the CEO of Binance and pleads guilty to violating anti-money laundering requirements in Seattle. With this, Binance will now officially pay $4.3 Billion in criminal charges, one of the biggest in US history. Due to such sudden events, the BNB price fell from $270 to $220 within a day, going against the bullish Binance price predictions of 2023.

Taking the role of CEO,  Richard Teng, a former Abu Dhabi regulator, will now spearhead Binance. However, struggling to maintain a proper anti-money laundering program, the credibility of Binance takes a hit and warns of a market-wide correction. 

BNB Price Analysis: Is Binance Token Going Down To Zero?

Source- Tradingview

Crashing under the news of CZ resigning, the BNB price takes a critical hit, falling 10% within a day, making a bearish engulfing candle. The 10% drop cuts the Binance token price from $253 to $222; meanwhile, the day’s high was $273.

The Binance price has recovered as the CZ tweets about the user funds being “SAFU,” which stands for Secure Asset Fund for Users.  The market value for a single Binance token is $23 at press time, highlighting an intraday growth of 4.21%.

From a technical standpoint, the daily price chart of Binance shows a sharp move often seen at black swan events. Therefore, the technical analysis may struggle to stand the test of such volatile times, but the reversal from $220 holds a bullish torch of reversal in BNB price. 

Technical indicators:

EMA: The downfall breaks the 200D and 50D EMA, hitting the growing proximity of the two average lines. This reduces the golden crossover chances. 

RSI: With a sharp bearish move in BNB price, the RSI suddenly drops and approaches the oversold boundary.

Will Binance Price Rebound Above $250?

With the intraday growth showing a possibility of a reversal, the growing developments can lead to sudden bearish outbreaks. Nevertheless, the BNB price can shoot past the $250 mark if the momentum sustains. On the flip side, a downfall under $200 can plunge the token price to $160.