What Happened To CZ?
In breaking news, CZ steps down as the CEO of Binance and pleads guilty to violating anti-money laundering requirements in Seattle. With this, Binance will now officially pay $4.3 Billion in criminal charges, one of the biggest in US history. Due to such sudden events, the BNB price fell from $270 to $220 within a day, going against the bullish Binance price predictions of 2023.
Taking the role of CEO, Richard Teng, a former Abu Dhabi regulator, will now spearhead Binance. However, struggling to maintain a proper anti-money laundering program, the credibility of Binance takes a hit and warns of a market-wide correction.
BNB Price Analysis: Is Binance Token Going Down To Zero?
Source- Tradingview
Crashing under the news of CZ resigning, the BNB price takes a critical hit, falling 10% within a day, making a bearish engulfing candle. The 10% drop cuts the Binance token price from $253 to $222; meanwhile, the day’s high was $273.
The Binance price has recovered as the CZ tweets about the user funds being “SAFU,” which stands for Secure Asset Fund for Users. The market value for a single Binance token is $23 at press time, highlighting an intraday growth of 4.21%.
From a technical standpoint, the daily price chart of Binance shows a sharp move often seen at black swan events. Therefore, the technical analysis may struggle to stand the test of such volatile times, but the reversal from $220 holds a bullish torch of reversal in BNB price.
Technical indicators:
EMA: The downfall breaks the 200D and 50D EMA, hitting the growing proximity of the two average lines. This reduces the golden crossover chances.
RSI: With a sharp bearish move in BNB price, the RSI suddenly drops and approaches the oversold boundary.
Will Binance Price Rebound Above $250?
With the intraday growth showing a possibility of a reversal, the growing developments can lead to sudden bearish outbreaks. Nevertheless, the BNB price can shoot past the $250 mark if the momentum sustains. On the flip side, a downfall under $200 can plunge the token price to $160.
