BNB rose 3% in 24 hours, eyeing a breakout near the $600 zone.
The SEC’s legal reassessment boosts BNB’s market performance.
As Bitcoin grapples with a downtrend, many top altcoins are experiencing significant declines. However, Binance Coin (BNB) turns positive in this turbulent market. Recent developments surrounding Binance and its former CEO, Changpeng Zhao, could be fueling this optimism.
Following a prolonged legal dispute, the U.S. Securities and Exchange Commission (SEC) is reassessing its stance on Binance. The regulator has revised its case, particularly concerning the classification of third-party crypto asset securities. This shift in the legal landscape is positively impacting BNB’s market performance.
BNB’s Recent Performance and Technical Outlook
In the past 24 hours, BNB has surged approximately 3%, positioning itself to break out near the $600 zone. This upward momentum follows a rebound from the $550 support level, with the cryptocurrency recently surpassing the $580 resistance threshold. The price action reveals several bullish indicators, including a notable break above a significant bearish trend line.
At the time of writing, BNB is trading at $585, with a market cap of $85.47 billion. Trading volume has also increased by over 3%, reaching $1.84 billion. The cryptocurrency is holding above the $580 mark and the 100-hourly simple moving average, suggesting a potential continuation of the upward trend.
Binance Coin (BNB) Price Chart (Source: TradingView)
If the positive momentum continues, resistance levels are anticipated at $598 and $620. A decisive movement beyond $620 could propel BNB towards $650.
Conversely, failure to breach the $590 resistance could trigger a downward correction. Initial support is expected around $580, or the 100-hourly moving average, with further support at $570 and a critical support level at $565. A drop below $565 could push BNB toward the $550 support zone.
Highlighted Crypto News
Is XRP on the Verge of a Major Breakout?
