BNB plunges 10% after Binance admits to data hack

Following the announcement the market reacted with Binance Coin.'s price dropping nearly 10 percent.

Despite the negative reaction the market had in response to the KYC data leak, Binance continues to maintain a strong reputation among cryptocurrency exchanges.

Binance Coin could still have more legs down.

Based on the 1-day chart, with the recent drop to $24.62, Binance Coin seems to be on its way to test the support given by the 200-day moving average.

Even though the strength of this moving average has not been tested in months, it could serve as a buy zone for investors since it could rebound the price of Binance Coin.

A bullish divergence between the relative strength index and the price of BNB is forming under this time-frame.

If the 200-day moving average fails to hold the price of Binance Coin, then a further drop to around $20 could happen.

Binance Coin looks fundamentally strong despite the data leak.

Binance's solid progress stimulating adoption and developing new technologies around its exchange have been key factors in the success of BNB. Not only that, Binance has continued to find ways to give BNB utility.

Although BNB corrected 38 percent from its June 22 all-time high of $39.60, now it could have the potential to rebound and make higher highs.