Binance Coin (BNB), the native token of the Binance ecosystem, has faced significant challenges in the wake of the recent lawsuits filed by the US Securities and Exchange Commission (SEC) against both crypto exchange Binance and Coinbase. These regulatory actions have had a profound impact on the cryptocurrency market, stifling any potential upward momentum. As a result, Bitcoin (BTC) retested its lowest point in two months, plummeting to $24,000 at the time of the filing. While BNB also endured the repercussions of the regulatory pressure, it managed to find some stability around the $220 support level. How will Binance Coin navigate the tough US regulations and maintain its position within the cryptocurrency landscape? Challenges For BNB’s Upside Potential In the latest report on BNB price, a Fibonacci retracement tool has been employed based on the price action observed in the second quarter of 2023. This tool reveals two significant obstacles that could impede BNB’s upward trajectory. Related Reading: Polygon (MATIC) Sees Surge In Whale Buying Despite US Regulatory Pressure The first obstacle lies at the 23.6% Fibonacci level, ..
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 Defies Regulatory Pressure, Holds $220 Support){kind=link}