Binance Coin Price Prediction as Changpeng “CZ” Zhao Steps Down After DOJ Settlement – Will BNB Rally or Dump Now?
The Binance Coin price has slumped by 8.5% in the past 24 hours, after Changpeng Zhao stepped down as Binance CEO and pleaded guilty to money laundering violations.
Binance has processed around $1 billion in withdrawals since yesterday’s settlement with the Department of Justice, with BNB dropping to $237.17 as of writing.
This marks a 3% loss in a week, although the altcoin has actually risen by 1% in the past hour, while being up by 7.5% in the last 30 days.
But with Binance settling with the DoJ for $4.3 billion, and with new CEO Richard Teng already in place, the exchange could soon stabilize, with BNB eventually recovering as a result.
BNB suffered a massive fall last night, yet it has begun to recover a little bit, accounting for the slight improvement in its indicators.
Its relative strength index (purple) has begun rising towards 50 after dropping to 40 last night, suggesting that traders may be buying the dip.
At the same time, BNB’s 30-day moving average (yellow) has flattened out after several weeks of rising towards its 200-day average (blue), a sign that yesterday’s news has disrupted earlier momentum.
One of the more bearish signs is that the altcoin’s support level (green) has declined steeply as a result of the drop of the past 24 hours.
It will therefore be important to watch whether it can prevent a further drop below $225.
What’s interesting, however, is that the coin’s 24-hour trading volume remains greatly elevated, having risen to around $3.5 billion after weeks spent at around $1 billion.
This suggests that there’s demand for BNB whenever it sells at a discount, implying that the coin may not fall that far.
As noted above, the reason for all this drama is that Binance has settled with the US Department of
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