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    BNB Price Forecast: Outlook remains bullish despite Nigerian government case against Binance

    Source Fxstreet
    Mar 1, 2024 21:00
    • Binance Coin price shrugs off Nigerian government’s $10 billion demand against Binance.
    • BNB remains well within the confines of a bullish technical formation and could reclaim the Wednesday range high of $427.30.
    • A break and close below $387.40 could provide entry for the bears.

    Binance (BNB) price clings firmly to the bullish outlook seen across cryptocurrency markets on Friday, undeterred by ongoing developments as the Nigerian government grins at Binance exchange.

    Also Read:  BNB price eyes $400 as Binance Coin bulls keep showing up

    Nigeria government demands $10 billion from Binance

    The federal government of Nigeria has imposed a $10 billion fine against Binance Exchange, the largest trading platform on market capitalization metrics. Zakari Mijinyawa, the head of Strategic Communication at the Office of the National Security Adviser, has revealed an investigation into Binance’s operations.

    I am confirming that the office of the national security adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance.

    According to Premium Times, Binance was "also accused of operating a business worth billions without the requisite registrations and documentation." The country is imposing a fine for profiting illegally.

    BBC reported that Bayo Onanuga, a special adviser to the Nigerian president, claims that Binance was profiting from illegal transactions that sent the Niara (NGN) fiat currency nearly 70% lower in recent months.

    Binance previously sent two of its senior executives — one American and one British-Pakistani — to meet with government officials, but the Nigerian government detained them, seized their passports, and demanded the fine. Based on the claims, the government cites “illegal transactions" that allegedly contributed to the devaluation of the country's national currency.

    The government confirmed that Binance is actively collaborating by sharing valuable information and has already halted transactions involving the Naira on its platform. True to their word, Binance has disabled peer-to-peer trading of Nigerian Naira for more than two days. Nevertheless.

    BNB price outlook as Nigerian government takes on Binance

    Binance coin price remains well within the confines of the ascending parallel channel, sitting on robust support due to the midline of the channel, the horizontal line at $387.40, and the immediate short-term moving average at $393.60.

    The bulls maintain a strong presence within the BNB market, based on the green histogram bars of the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) in positive territory. The MACD line remains well above its signal line, suggesting a strengthening bullish cycle.

    With the Relative Strength Index (RSI) position northbound at 69, rising momentum could see BNB price break above the upper boundary of the channel to reclaim the Wednesday range high of $427.30.

    In a highly bullish case, the gains could see the BNB price extend a neck higher to nick $440.00. Such a move would constitute a 7% climb above current levels.

    BNB/USDT 1-day chart

    On the other hand, if bears pull the trigger, the Binance Coin price could drop below $387.40 support, giving the bears an opportunity to seize the market. 

    Disclaimer: For information purposes only. Past performance is not indicative of future results.