Binance had a difficult 2023 as the US Gov effectively removed CZ from office and strangled their operation in the US. Binance however seemed to take it in stride paid their fine and moved on, returning quickly to their dominant position and maybe highlighting crypto's global nature by thriving despite a hostile US market.
The issues in the US however are not over with the SEC currently in court with Binance seeking to prove that they were illegally selling securities as an unlicensed broker.
One of the coins the SEC are considering an unregistered security is Binance's utility token BNB. Now, predicated on the recent XRP ruling (not a security, when theres probably a better case to make XRP a security) and the SEC's history with crypto of getting their asses handed to them combined with their general incompetence (I'm thinking Greyscale, the ETFs and the absolute S show they made of the approval announcement) I think its worth a punt on BNB and Binance winning this case.
Since their is a general level of animosity towards Binance in the US I think they are likely to get a rougher ride than US based firms like Ripple and Greyscale so I'm placing my stop below the 180 support. Binance has both burn and buyback mechanisms in place for BNB so I'd expect they will defend this price point in the worst case scenario.Slight risk mitigation there and I imagine being labelled a security in the US wont stop traders abroad snapping up cheap BNB.
Technically, nice uptrend following the previous legal case resolution. 2024 has been spent forming this falling wedge which, especially on the daily, could signal a break to the upside is imminent (at the very least we should see a bounce from the trendline support).
I've also added a second DCA entry at 260 which historically has been price support (through most of 2022, and March 2023). In fact back in March when withdrawals suddenly stopped working on Binance and everyone expected FTX 2 Electric Boogaloo, 260 was the lowest BNB dipped.
First two targets derived from the resistance on the chart, the rest from the FIB.
Shout if you have any questions / thoughts!
The issues in the US however are not over with the SEC currently in court with Binance seeking to prove that they were illegally selling securities as an unlicensed broker.
One of the coins the SEC are considering an unregistered security is Binance's utility token BNB. Now, predicated on the recent XRP ruling (not a security, when theres probably a better case to make XRP a security) and the SEC's history with crypto of getting their asses handed to them combined with their general incompetence (I'm thinking Greyscale, the ETFs and the absolute S show they made of the approval announcement) I think its worth a punt on BNB and Binance winning this case.
Since their is a general level of animosity towards Binance in the US I think they are likely to get a rougher ride than US based firms like Ripple and Greyscale so I'm placing my stop below the 180 support. Binance has both burn and buyback mechanisms in place for BNB so I'd expect they will defend this price point in the worst case scenario.Slight risk mitigation there and I imagine being labelled a security in the US wont stop traders abroad snapping up cheap BNB.
Technically, nice uptrend following the previous legal case resolution. 2024 has been spent forming this falling wedge which, especially on the daily, could signal a break to the upside is imminent (at the very least we should see a bounce from the trendline support).
I've also added a second DCA entry at 260 which historically has been price support (through most of 2022, and March 2023). In fact back in March when withdrawals suddenly stopped working on Binance and everyone expected FTX 2 Electric Boogaloo, 260 was the lowest BNB dipped.
First two targets derived from the resistance on the chart, the rest from the FIB.
Shout if you have any questions / thoughts!