Binance Coin (BNB) has been caught in a tumultuous tumble since the SEC launched its lawsuit against the leading exchange’s US entity Binance.US on June 5, but double-bottomed support and an uptick in price action could change the trajectory – is it too late to buy Binance coin?
Binance is perhaps the largest player caught up in the Securities and Exchange Commission (SEC) crusade against the crypto industry, and much like the closely-followed Ripple case, proceedings are becoming increasingly complex.
The latest news from the courtroom documents involves an emerging dispute over the 220 documents handed-over by Binance as part of the expedited discovery process; which the SEC allege hasn’t been sufficient – alongside alleged problems with access to witnesses.
Amid the chaos, Binance.US if facing near rock-bottom trading volume, with just $5.09M in trading volume on September 16 following the suspension of almost 100 trading pairs.
BNB Price Analysis: Is it Too Late to Buy Binance Coin?
As the legal saga unfolds, Binance Coin price action appears to be mounting an attempted come-back, with BNB currently trading at a market price of $218.9 (representing a 24-hour change of +1.11%).
This comes in the aftermath of the -33.3% tumble in the wake of the SEC lawsuit news, which saw price fall from strong support above $300 – with an immediate death-cross down to $225.
In the three months since, BNB price action has been caught in a tight range between $200-$250, with price closely tracking the 20DMA in a prolonged battle to flip resistance to support.
Yet, technical structure could be improving this week, after the formation of double-bottomed support (August 22 and September 12) poised price action for a +8.46% bounce-off lower trendline support over the past week.
The upside move has been bolstered by a reclamation of the 20DMA – which now forms a strong foothold from which BNB can launch out of the lower trading channel.
But a rising RSI could put things on hold, as the continual upside pressure has heated the indicator up to a neutral signal at 52.81 – potentially signalling consolidation or retracement.
The MACD on the other hand is now showing strong bullish divergence – with the reclaimed 20DMA fuelling the indicator up to 1.2.
Overall, Binance Coin looks strong here, with double-bottomed support, a reclaimed 20DMA, and bullish indicators – even in spite of fundamental headwinds.
To the upside this leaves BNB targeting a return to $250 (a potential +14.31% move).
While downside risk remains less significant at $205 (a possible -6.26% drop).
This leaves BNB with a risk: reward ratio of 2.28 – a strong entry that suggests it’s certainly not too late t buy Binance coin on the short-time frame.
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