{"id":552168,"date":"2023-02-15T15:02:07","date_gmt":"2023-02-15T12:02:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-reasons-why-binances-bnb-token-risks-sliding-further-by-march\/"},"modified":"2023-02-15T15:02:07","modified_gmt":"2023-02-15T12:02:07","slug":"3-reasons-why-binances-bnb-token-risks-sliding-further-by-march","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-binances-bnb-token-risks-sliding-further-by-march\/","title":{"rendered":"# 3 reasons why Binance\u2019s BNB token risks sliding further by March"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25e786b6a1d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25e786b6a1d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-binances-bnb-token-risks-sliding-further-by-march\/#%E2%80%9D_3_reasons_why_Binances_BNB_token_risks_sliding_further_by_March_%E2%80%9C\" >&#8221; 3 reasons why Binance\u2019s BNB token risks sliding further by March &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-binances-bnb-token-risks-sliding-further-by-march\/#BNB_price_rising_wedge_breakdown\" >BNB price rising wedge breakdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-binances-bnb-token-risks-sliding-further-by-march\/#SEC_crackdown_on_Binance_USD\" >SEC crackdown on Binance USD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-binances-bnb-token-risks-sliding-further-by-march\/#FUD_event_Fishes_whales_sharks_dump_BNB\" >FUD event? Fishes, whales, sharks dump BNB<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_3_reasons_why_Binances_BNB_token_risks_sliding_further_by_March_%E2%80%9C\"><\/span>&#8221; 3 reasons why Binance\u2019s BNB token risks sliding further by March &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-71a7a826>On Feb. 13, BNB (BNB)\u00a0recorded its worst daily performance since November 2022, falling 8.5% to below $285. BNB\u2019s price has since recovered to over $298, but its possibility of facing another sell-off remains high. Let\u2019s take a look at a few reasons why.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BNB_price_rising_wedge_breakdown\"><\/span>BNB price rising wedge breakdown<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The ongoing decline in BNB\u2019s price came as a part of a broader rising wedge breakdown.<\/p>\n<p>Notably, on Feb. 9, BNB broke out of its rising wedge pattern, a bearish reversal setup that forms as the price trends upward inside a range defined by two ascending, converging trendlines.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/7df62df3-f6c1-4671-b944-c3a3711841bb.png\"><figcaption style=\"text-align: center;\"><em>BNB\/USD daily price chart featuring rising wedge breakdown setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>As a rule of technical analysis, a rising wedge\u2019s profit target is measured after subtracting the maximum distance between the pattern\u2019s upper and lower trendline from the breakdown point.<\/p>\n<p>Therefore, BNB\u2019s rising wedge target comes to be near $250, down about 15% from current prices. Interestingly, the $250 level also served as support in May, September and November 2022.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SEC_crackdown_on_Binance_USD\"><\/span>SEC crackdown on Binance USD<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The sell-off pressure in the BNB market escalated primarily due to the United States Securities and Exchange Commission\u2019s (SEC) crackdown on crypto company Paxos.<\/p>\n<p>The regulator has accused Paxos of issuing and listing Binance USD (BUSD) \u2014 a Binance-branded stablecoin \u2014 which it deems an unregistered security. Paxos has categorically denied the allegation, noting that it would go to court if necessary.<\/p>\n<p>But markets have become fearful after this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>. For instance, the number of addresses holding between 1,000 and 10 million BUSD dropped dramatically since Feb. 13, dumping over $207 million in stablecoins, according to data from Santiment.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/45558a85-12f4-45b1-b9a0-578964969d05.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The number of addresses holding 1,000 to 10 million BUSD. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>\u201cThis is an astounding level of stablecoin dropping, especially while the other three stablecoins (Tether, USD Coin, Dai) have been seeing big holder accumulations,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.santiment.net\/read\/the-fallout-of-binance-usd-7210?utm_source=twitter&amp;utm_medium=post&amp;utm_campaign=twitter_busd_fallout_insight_b_021323\/&amp;fpr=twitter\">noted<\/a> Santiment, adding that\u00a0the ramifications of the SEC lawsuit have been pushing BNB price lower.<\/p>\n<blockquote><p>\u201cIt also is seeing a month-high in trading volume as its price has dropped, meaning there is a higher probability of the plummet potentially continuing.\u201c<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/3532258a-4972-4479-bfa2-a76ceeefc6a3.png\"><figcaption style=\"text-align: center;\"><em>BNB trade volumes. Source: Santiment<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"FUD_event_Fishes_whales_sharks_dump_BNB\"><\/span>FUD event? Fishes, whales, sharks dump BNB<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From an on-chain perspective, BNB holding sentiment has weakened across all address cohorts, which include both small (fishes) and large investors (whales and sharks).<\/p>\n<p><strong><em>Related:\u00a0Binance and Huobi freeze $1.4M in crypto linked to North Korean hackers<\/em><\/strong><\/p>\n<p>Notably, the number of addresses holding 0.001 to 10 million BNB dropped significantly in January 2023 and has been unable to recover since. This increases the token\u2019s possibility of continuing its downtrend in February.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/0bf57a13-5d0e-4625-a966-01dc044c103f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The number of addresses holding 1,000 to 10 million BNB. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>On a brighter note, the number of addresses holding 10,000\u2013100,000 BNB tokens has recovered modestly, indicating some whales have been buying the dip. <\/p>\n<p>Santiment concedes that the ongoing downtrend may not extend in the longer run, saying the SEC crackdown may be \u201ca short-term FUD event.\u201c<\/p>\n<blockquote><p>\u201cYes, it\u2019s possible that this is one of those instances where people panic and everything returns to normal for Binance by Friday [Feb. 17].\u201c<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/3-reasons-why-binance-s-bnb-token-risks-sliding-further-by-march\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; 3 reasons why Binance\u2019s BNB token risks sliding further by March &#8220; On Feb. 13, BNB (BNB)\u00a0recorded its worst daily performance since November 2022, falling 8.5% to below $285. BNB\u2019s price has since recovered to over $298, but its possibility of facing another sell-off remains high. Let\u2019s take a look at a few reasons&#8230;<\/p>\n","protected":false},"author":1,"featured_media":552169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/6373934a-e276-49ee-a7b4-0e5013509759.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75014,75166,138848,74939,74898,75493,78261,73785],"class_list":["post-552168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-binance","tag-binance-coin","tag-binance-usd","tag-market-analysis","tag-sec","tag-stablecoin","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=552168"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/552169"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=552168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=552168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=552168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}