Binance Coin (BNB) price has dropped to lows of $204, after breaking below $210 and $208, amidst strong headwinds around Binance. BNB could drop to $180 or lower if bulls give up the $200 zone.
Why is BNB price down today? Binance has recently faced multiple regulatory hurdles, such as a lawsuit by the US Securities and Exchange Commission (SEC) in June, thus pushing the price from highs of $306 to lows of $230. The latest developments include an announcement from Paysafe regarding euro deposits and withdrawals and Checkout.com ending its relationship with the crypto exchange.
BNB price is now trading below a key technical support level and bears could push for the crucial $200 area. The last time BNB decisively broke below the zone was in June 2022, sending the price to lows of $183.
On the 4-hour chart, the RSI and MACD indicators suggest bearish strength, as does the exponential moving average and funding rate. In BNB’s case, the path of least resistance appears to be downward, with key to this being the $200 level. If broken, bears could easily target the $180 area. On the other hand, reclaiming $210 could pull bulls back to the $220-$250 region.
