This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Binance coin (BNB) experienced a 1% decrease on October 17, following a 7% increase over the previous four days. Technical analysis suggests that the token could potentially drop another 17% due to a bearish setup. BNB has been trading within a descending triangle formation since August 19, with a flat support line and a descending resistance. If the price falls below the support, it is expected to drop by the height of the triangle. Currently, BNB has not confirmed this pattern, but if it breaches the support, the target price would be $177. The recent withdrawal policy update by Binance.US may have contributed to the price correction. Binance’s US unit announced on October 16 that it had halted the withdrawal of US dollars. Customers were advised to convert their dollar funds to stablecoins or other digital assets before withdrawing. This led to rumors of Binance.US insolvency, although the restrictions only applied to dollars and did not carry much weight. Binance.US has been involved in a legal battle with the US Securities and Exchange Commission (SEC) since June 2023, so further restrictions should not have been surprising. The company has also undergone significant restructuring, resulting in the departure of approximately one-third of its workforce.