Binance Coin’s (BNB) recent downward trend has alarmed prominent financial markets expert Ali Martinez, who believes that failing to recapture the $240 support level might open the door for a significant 20% to 30% price correction. The warning follows a sharp collapse in the market capitalization of cryptocurrencies, which saw a shocking loss of $10.2 billion and a drop of almost 1.5% in only half an hour.
The altcoin market took the brunt of this cryptocurrency market crash, with BNB suffering the most. The price of the currency dropped to a crucial support level, which was $234.5 per coin. The importance of the support level is highlighted by Martinez’s research, which suggests that its recovery might serve as a buffer against a more major price fall.
Battle continues
The effects on BNB’s pricing are not the only issue receiving attention. Regulator ambiguity hangs over the black-and-yellow crypto giant like a spectre. Recent events show that Binance has even taken a proactive approach, submitting a motion to the SEC asking for a protection injunction.
The action is intended to lessen what Binance considers to be an abuse of regulatory authority. Tensions have increased further as a result of the SEC’s purported requests to interrogate nontarget staff, leading to the exchange’s request for court intervention.
Market watchers are closely monitoring the events as Binance battles regulatory obstacles and the impending danger of a significant price fall for BNB. A new level of complication has been added to BNB’s near-term prospects as a result of the confluence of market volatility and regulatory turmoil.
