As the aftermath of the seismic SEC v. Binance lawsuit sinks in, crypto markets are reeling at the mass enforcement move by the SEC which has raised major red flags around big projects such as BNB, SOL, MATIC, and ADA.
Among the worst hit, BNB suffered a sudden -17% cascade as traders took stock of the rocky road ahead for CZ’s Binance Coin.
Binance Coin Price Analysis: Can BNB Survive Gensler’s Attack?
Binance coin holders are now reeling, in a desperate attempt at consolidation around the $225 support level.
This leaves BNB currently trading at $258 (a -8.11% 24-hour change).
Now in a lower support zone, price action over the next 24 hours will be critical, with markets on the edge of their seats waiting to see if price tumbles lower.
Indeed, the dramatic move down into lower ranges has formed a complete retracement of 5-months of slow-grinding gains for BNB holders, as Gensler moves to ‘protect investors’.
Technical structure here is perilous, with price action falling away from the support of the MA200 which has formed steadfast footing since March 12.
Now teetering on lower trendline support, Binance coin could risk a complete breakdown from here with few lower support levels to reassure holders.
Oscillators provide some reasons to be cheerful, with the sudden dump rapidly cooling off the RSI to a huge oversold signal at 21.58.
However, the MACD forms a better measure of fundamental sentiment, with momentum down to -4.2, a serious bearish flag.
Binance Coin Price Prediction: How Low Will BNB Go?
As markets digest the implications of the Binance lawsuit on BNB price action, many will be left wondering ‘how low will BNB go?’.
Indeed, the fundamental headwinds are likely to form a capstone of resistance on upside potential for BNB for the foreseeable future – and this bleak outlook could bleed-out weak hands from holding BNB.
Upside therefore is limited, with $280 (-7.9%) forming the first step on the road to recovery for Binance coin holders.
Downside risk here remains significant, with a fall down as low as $185 (-28.71%) potentially on the cards given price history over the past year.
This leaves Binance coin price prediction with a risk: reward structure of 0.28 – a catastrophic risk structure, with very little upside potential on the short-time frame.
Presales Becoming Safe Haven from SEC Enforcement?
As crypto markets remain spooked by the onslaught of Gensler’s SEC enforcement moves, many are looking for alternative safe havens to rotate capital away from major cryptocurrencies caught up in the lawsuit.
In a clever twist, many prudent investors are flocking to presales as a way to park funds outside of the threat of regulators.
And leading the pack on our current ranking of biggest presales 2023, is Ecoterra ($ECOTERRA) – a revolutionary project seeking to bring the power of blockchain to the fight against climate change.
Crypto Investors Tackle Challenge of Climate Change
Through its unique Recycle-to-Earn (R2E) mechanism, Ecoterra rewards individuals and organizations that recycle, aiming to reduce carbon footprints and promote a more sustainable world.
The company’s commitment to supporting recycling and sustainable ecosystems has already been recognized with an award at the Istanbul Blockchain Summit.
Since then, interest in Ecoterra has skyrocketed, with its pre-sale now surging past $4.85 million – as this potential has not gone unnoticed by the crypto community.
With the pre-sale raising almost $5 million, investors are keen to capitalize on the opportunity before an impending 10% price hike.
Ecoterra’s roadmap is as promising as it is ambitious, the company plans to launch across several major cryptocurrency exchanges in the third quarter of 2023.
Meetings with representatives from these exchanges took place at the Istanbul Blockchain Summit, raising the possibility of $ECOTERRA being listed on platforms like KuCoin, MEXC Global, and OKX.
Blockchain Holds Keys to Recycling Revolution
The company is also set to release its Recycle2Earn application and the Recycled Materials marketplace in the fourth quarter.
With an estimated 11 billion tonnes of solid waste collected globally each year, the need for effective recycling practices has never been more pressing.
By investing in Ecoterra, you’re contributing to a promising Web3 project and making a commitment to a sustainable future.
So, as the clock ticks down on the pre-sale event, the question is not ‘why should you invest in Ecoterra?‘ but ‘can you afford not to?‘
Ecoterra is not just a token; it’s a mission to transform the way we approach recycling and waste management.
Participating as an early backer in this presale is a commitment to a greener, more sustainable future.
Join the green revolution now. Secure your $ECOTERRA token before the next price rise and play your part in preserving our planet for future generations. Your pocketbook, and the planet, will thank you.
Buy ECOTERRA Here
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
Source: crypto news
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