Binance‘s BNB cryptocurrency, unlike other major altcoins, has not been able to surpass its January 2023 values and continues to be under selling pressure due to challenging news flows, experiencing significant losses. Expert crypto analyst Ali Martinez has warned investors about when BNB might recover.
The primary and most significant reason for BNB’s sustained pressure is the announcement in early June that the U.S. Securities and Exchange Commission (SEC) had filed a lawsuit against Binance. This news wiped out all of BNB’s gains, driving the price of the altcoin below the opening level of the year. Following the announcement, the BNB price underwent little change, trading sideways for months.
The resignation of Changpeng Zhao, the CEO of Binance cryptocurrency exchange, from his CEO duties on November 21 as part of an agreement with the U.S. government, accelerated the value loss of the altcoin. Since then, the BNB price has been hovering around approximately $230, and many investors are curious whether the altcoin will reverse its trend and enter a bull market.
A clear descending triangle formation can be seen in Binance’s BNB weekly price chart. Ali Martinez, an experienced crypto analyst, implied in his assessment on his personal X (former Twitter) account on December 10, that the altcoin price has not yet broken out from its downward momentum.
Taking into account the recent performance of BNB, Martinez suggested that it might be wise for investors to stay away from BNB for a while longer. However, he emphasized that investors considering buying BNB should wait for a candle to close at the $260 price level, which could confirm the altcoin’s entry into a bull market.