Binance Token Values Plummet Amid CZ’s Guilty Verdict: Is Now the Critical Moment to Sell?

Crypto Market Correction

The crypto market has witnessed a significant correction of over 2.5% in value within the past day. Bitcoin records a loss of 2.8%, with Ethereum’s price back below the resistance level of $2,000. The drop comes following the news of Changpeng Zhao…

Changpeng Zhao (CZ) and Binance Overview

Changpeng Zhao, commonly known as CZ, is the Founder and Chief Executive Officer at Binance. His significant contributions have made Binance the world’s largest cryptocurrency exchange since its inception in 2017. CZ has played key roles in the development of Binance Smart Chain and the launch of Binance’s US affiliate in 2019. Previously, he founded Fusion Systems, a trading system for brokers known for some of the fastest high-frequency trading systems. CZ’s diverse experience includes being a part of the team that developed Blockchain.info and serving as the Chief Technology Officer of OKCoin.

Binance Coin (BNB) Value Drop

Entrepreneur, investor, and Chief Executive Officer (CZ) CZ officially stepping down as the CEO after pleading guilty to money laundering.

Following the official statement, the Binance coin has lost over 9.5% in value, with its trading volume recording an increase of 61% within the past day, a total of over 2.53 Billion, suggesting an ongoing panic selling in the market.

Binance Coin Price Analysis

Despite the market’s surge during October, the BNB coin price traded in a narrow range between $220 and $229. The Binance coin displayed a minor bullish move at the start of the month…

Recently, the bulls displayed a notable run as the price successfully broke out of the key resistance level and continued to rise, but the rally was short-lived as the price was rejected at $272.

Following the news, the price recorded a significant correction in value. The price lost momentum, resulting in it breaking down multiple support levels…

BNB Price Outlook

The Moving Average Convergence Divergence (MACD) displays a strong rising red histogram, indicating a massive sell-off in the market for this coin…

• If the bulls gain power and push the price above the resistance level of $238.3, the BNB price will regain momentum and may start trading positively.
• If the bears continue to gain weight, the BNB token will lose momentum and fall to test its support level of $229 soon.
• If the exchange records massive panic selling, the price will continue to bleed and test its crucial support level of $213.5 in the coming time.