• CFTC sues Binance for buying and selling violation
• BNBUSD Bearish Bias Persists
• $200 is a significant assist space

The cryptocurrency market is hit by one other scandal because the Commodity Futures Buying and selling Fee (CFTC) sues Binance for buying and selling violations. It seems that Binance is accused of getting over 300 buying and selling accounts underneath the management of CZ, and these accounts are buying and selling crypto.

The issue is that it’s simple to control market costs via a tactic referred to as washout buying and selling. Binance’s picture is affected, and it might additionally impression its foreign money, BNB.

BNB is the cryptocurrency coin that powers the BNB Chain ecosystem. It traded as excessive as $700 in the course of the 2021 bull market, however has given up greater than half of its positive aspects since then.

So what do the charts inform us in regards to the subsequent doable course for BNB/USD?

BNBUSD Chart by TradingView

$200 is a significant assist space for BNB

After surging in the course of the 2021 bull run, BNB/USD made a double prime across the $700 space. From then on, the bearish bias continued because the market was unable to interrupt the collection of decrease highs.

Even the 2023 rally within the cryptocurrency market was not robust sufficient for the market to interrupt above the earlier decrease excessive. As such, the bearish bias stays and all eyes at the moment are on the $200 space the place the market beforehand discovered robust assist.

Solely a day by day shut above $400 would invalidate the bearish bias. Till then, the trail of least resistance stays the draw back.