Binance Coin (BNB) to confirm an uptrend?

Binance Coin (BNB) had succumbed to bears once again after picking up the pace since the market crash. BNB coin appears to be mildly consolidating which may indicate the onset of bullish divergence. At the time of writing, Binance Coin stands at a price level of $294. The price has not been moving much in the past twenty-four hours. The daily trading volume has been rising incrementally.

Binance Coin (BNB) Technical Analysis

The market sentiment for Binance Coin is bearish. Out of the total twenty-six technical indicators, thirteen are standing at a sell position while nine are neutral and four are signaling a buy. The oscillators are neutral while the moving averages are suggesting a strong downtrend.

Binance Coin (BNB) technical analysis

The technical analysis of Binance Coin shows that the cryptocurrency has broken out of a bullish formation. Binance Coin can be observed to be moving upwards. Although the upward trend has yet to be confirmed yet, the candles in the shorter timeframes do show a plausible possibility of a reversal of the downtrend. The Fibonacci Retracement levels are acting as strong support and resistance. If the upward movement is confirmed, Binance Coin can be expected to reach towards $322 at the 0.5 Fibonacci level followed by $348 and $381.

Incoming lawsuit for Binance Coin (BNB)?

The SEC vs Ripple Labs lawsuit has made it evident that the SEC is planning to go after cryptocurrencies full force. Once the dust settles for the current lawsuit, the SEC may be planning to target other altcoins. Attorney Jeremy Hogan thinks that Binance Coin and tether may be the next picks of SEC. Hogan has been following the SEC vs. Ripple Labs lawsuit closely and per his expert analysis, both Binance Coin and Tether are at risk of a SEC probe.