According to market data, Binance Coin extended its weekly decline on November 17, after a pullback in the past 24 hours. The cryptocurrency traded firmly below a key psychological level, reflecting broader market pressure on large-cap digital assets.
The dip comes amid mounting criticism of Binance, especially after its founder, Changpeng Zhao, received a controversial pardon from President Trump, raising questions about possible pay-to-play allegations.
Summary
- Binance Coin extended its weekly decline on November 17, trading below a key psychological level as market stress impacted major corporate digital assets.
- A jump in 24-hour trading volume amid a falling market cap indicated increased selling pressure, while technical analysis showed a continued downtrend with lower highs and lows.
- The RSI indicators showed weakening bullish momentum, indicating possible continued bearish sentiment unless there is a price rebound above a key resistance level.
Binance Technical Data
The token’s market capitalization fell, while 24-hour trading volume rose significantly, indicating increased selling pressure, trading data showed.
The chart below shows a loss of momentum over the past few weeks, with a succession of lower highs and lower lows confirming a continued downtrend.
At last check, BNB was down 18% this month, trading at around $903.
Price action has consistently struggled to reclaim a key resistance zone, which was once a significant support level according to chart data. The late session drop reportedly pushed Binance Coin to its lowest point since early November.
Technical indicators, including the Relative Strength Index (RSI), showed weakening bullish momentum, although it has not yet entered oversold territory. During the week, the RSI failed to break above the mid-level, indicating that buyers have failed to regain control.
The most recent dip in the RSI indicated a brief capitulation before a small recovery.
More bad news for Binance
Binance has been linked to the flow of at least $28 billion related to illegal activities in the cryptocurrency space over the past two years, as per an investigation by the International Consortium of Investigative Journalists and other global media outlets.
This “dirty money”, so to speak Unpleasant the New York Times, belongs to hackers, thieves and scammers. It is not only directed to Binance but also to other prominent exchanges such as OKX.
The report highlights how criminal organizations, including North Korean cybercriminals, have used crypto exchanges to launder money. Despite this, Binance, the largest exchange in the world, continues to grow.
In May, Binance signed a $2 billion deal with an Emirati fund using digital currencies from the Trump family’s World Liberty Financial firm. Around that time, Zhao (known in the industry as CZ) applied for a pardon.
Zhao had served a four-month prison sentence. Trump subsequently pardoned Zhao, prompting investigations and raising concerns about possible corruption allegations.
Trump later denied even knowing who Zhao was.
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