Sellers sustained the bearish downtrend with a break of the $265 support. However, technical indicators hinted at a short term bullish rebound.
downward spiral reached new lows over the past 24 hours with a break of the $265 support level. This extended the losses of the fourth-largest cryptocurrency by marketcap to 9.8% over the past two days.The U.S. Securities and Exchange Commission lawsuit against Binance and its CEO, Changpeng Zhao, played a significant role in BNB’s downturn with investors reducing their exposure to BNB.
While sellers took maximum advantage of the downtrend, bulls could potentially mount a rebound in the short term. A look at the Moving Average Convergence Divergence showed a bullish crossover on the four-hour timeframe along with green bars above the zero level.
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