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The price of BNB declined to $213,49 as it is directly dependent on changes in the Binance ecosystem. From its peak in May 2021, when BNB was worth about $700, the cryptocurrency showed a decline of $400 in early June, losing more than half of its value.
In addition, the price of BNB could fall another 25-40% in 2022, as Binance is experiencing difficulties now, receiving accusations of securities violations and the laundering of billions of dollars of illicit funds.
Launched in 2017 through an ICO (initial coin offering), BNB was used to raise funds for the marketing and development of the Binance exchange. The launch of the native token brought the exchange
Binance a profit of $15 million.
The token allows traders to receive discounts on trading activity and also acts as a speculative financial asset .
The U.S. Securities and Exchange Commission (SEC) is currently investigating whether the initial coin offering was a sale of unregistered securities .
This event is putting direct pressure on the cryptocurrency price, and along with other cryptocurrencies, BNB continues to lose value.
by TradingView
The probability of a breakout below the critical support at $260 is increasing. If a breakout occurs, then the next support is at $200, which is its 200-week exponential moving average (200-week EMA).
If the break-down continues below $200, that level will be supported at $160.
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