BNB price will likely have trouble breaking a crucial barrier as the altcoin is pointing to several bearish factors.
BNB price might struggle to continue its uptrend as the altcoin is pointing to several bearish factors.
The biggest of these factors is Binance and its founder getting sued by three crypto investors for their stolen assets.
If the lawsuit goes to trial, it could be a big blow to the exchange, its native token, BNB, and its founder, CZ.
The change in tone among its investors is further impacting the BNB price. The negative funding rate shows that over the last 24 hours, BNB holders observed a shift in their sentiment, turning bearish.
BNB’s price is $561 at the time of writing, just below a key resistance block. Ranging from $575 to $619, this range has prevented a rally in BNB price since early March.
While the crypto asset has made multiple attempts to breach it, only one in June was successful, which led to the formation of a new all-time high at $721. Given that the bullish momentum is not strong at the moment, the BNB price will likely drop below $550.
Even if the breach of the lower limit at $575 is successful, the crypto asset will find trouble in closing above $600 and breaching $619. This will eventually result in a drawdown to $550.
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