• Binance coin (BNB) surged 10%, retesting key support.
• The exchange is reportedly cutting a deal with the SEC, which could be finalized on June 15.
• Analysts have accused Binance of artificially inflating the value of BNB by unloading its Bitcoin stash.
Binance Coin Surges 10%
YEREVAN (CoinChapter.com) – Binance coin (BNB) jumped 10% in the previous 48 hours, reaching $247 on June 14. Notably, the short-term bullish correction came after the 28% plunge in the week ending June 12, triggered by the US Securities and Exchange Commission (SEC) crackdown.
Consolidation Channel Setup
The token has been trading within a consolidation channel since June 2022. The setup entails two parallel trendlines with a powerful mid-range. After the mentioned SEC-related price cascade, BNB price action retested the channel’s support, adding a bullish incentive for the short-term uptrend.
Several crypto analysts and sector commentators have agreed that Binance is allegedly unloading its Bitcoin stash to offset damage from SEC allegations and inflate the value of BNB artificially. CZ denied these rumors stating that they have not sold any BTC or BNB tokens.
RSI Indicates Possible Uptick
The plunge resulted in an ‘oversold’ relative strength index (RSI), typically indicating a possible uptick according to technical analysis indicators such as RSI and MACD setups like Bollinger bands or Elliot Waves patterns etc..
SEC Deal Could Be Finalized Soon
The exchange is trying to cut a deal with SEC which could be finalized on June 15th; however this could result in either positive or negative effects on its price depending upon what kind of compromise is reached between both parties involved in this matter i.e., SEC & Binance itself