Main navigation

Binance Coin (BNB) Price Could See 30% Crash If It Doesn't Do This

Wed, 08/16/2023 - 11:29
article image
Gamza Khanzadaev
BNB price crash imminent unless crucial level holds, warns top analyst Ali Martinez
Binance Coin (BNB) Price Could See 30% Crash If It Doesn't Do This
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Prominent financial markets analyst Ali Martinez has raised concerns over Binance Coin's (BNB) recent downward trajectory, suggesting that failure to reclaim the $240 support level could pave the way for a substantial 20% to 30% price correction. The warning comes on the heels of a swift crypto market downturn, which witnessed a rapid decline in market capitalization, plummeting by over 1.5% within half an hour – a staggering $10.2 billion loss.

Binance Coin (BNB) Price Analysis for August 15

The most significant blow of this crypto tumble was absorbed by altcoins, with BNB taking a substantial hit. The coin slid to a critical support level, hovering around $234.5 per coin. Martinez's analysis underscores the pivotal nature of the support level, indicating that its reclamation could act as a safeguard against a more significant price correction.

BNB to USD by CoinMarketCap

Battle continues

The implications for BNB's price are not the only concerns in the spotlight. Regulatory uncertainties loom large over the black-and-yellow crypto behemoth. Recent developments reveal that Binance has even taken a proactive stance, filing a motion seeking a protective order from the SEC

The move is aimed at mitigating what Binance perceives as an overreach of regulatory power. The SEC's alleged demands to question nontarget employees have further escalated tensions, prompting the exchange's plea for judicial intervention.

SEC Accuses Binance.US of Inflating Crypto Trading Volumes

As Binance grapples with regulatory challenges and the imminent threat of a substantial price correction for BNB, market observers are keenly observing the unfolding developments. The convergence of price volatility and regulatory turbulence has injected a heightened sense of urgency, adding an extra layer of complexity to BNB's near-term prospects.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.