Following the news of Changpeng Zhao, the founder and CEO of cryptocurrency trading platform Binance, stepping down from his position as part of the $4.3 billion guilty plea with the United States Securities and Exchange Commission (SEC), Binance Coin (BNB) has suffered major losses.
As it happens, BNB had plummeted 15% as traders showed distrust in the native token of the top crypto exchange, but a “quick reputation recovery” could help it bounce “based on this level of trader FUD,” according to the data shared by cryptocurrency metrics platform Santiment in an X post on November 22.
Indeed, as the analysis demonstrates, the social dominance and trading volume of Binance Coin exploded as “traders’ fear grew” upon receiving the news on Binance and CZ. At the same time, traders continued to long, but the platform noted that “if shorts begin, it would increase bounce likelihood.”
BNB price analysis
As things stand, BNB was at press time trading at the price of $234.79, which represents a decrease of 9.47% in the last 24 hours and a 4.30% drop across the previous seven days while still maintaining a 6.79% gain accumulated on its monthly chart, as per the most recent data.
For now, the sentiment around this asset is generally bearish, as indicated by the 1-day technical gauges at TradingView suggesting a ‘sell’ at 11, summarized from oscillators in ‘neutral’ at 8, and moving averages (MA) pointing at a ‘sell’ at 10, according to the latest data on November 22.
All things considered, BNB has managed to somewhat recover from the originally reported loss of 15% that saw it briefly dive under the psychologically important threshold of $230, but further improvement will depend on additional factors, including sentiment around the crypto exchange.
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