Bitcoin

Verge

Coin

<ul>
 <li>BNB rose 3% in 24 hours, eyeing a breakout near the $600 zone.</li>
 <li>The SEC’s legal reassessment boosts BNB’s market performance.</li>
</ul>
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 <a href="https://thenewscrypto.com/is-binance-us-ready-for-a-protracted-legal-battle-with-the-sec/" target="_blank" rel="noopener noreferrer nofollow">reassessing its stance</a> 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.
<h3 class="wp-block-heading" id="h-bnb-s-recent-performance-and-technical-outlook">BNB’s Recent Performance and Technical Outlook</h3>
In the past 24 hours, BNB has surged approximately 3%, positioning itself to <a href="https://thenewscrypto.com/binance-coin-bnb-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">break out</a> 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.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdaIOaM8OPwW8heDZxwwAvVbzu2pcjrjXVsVPix9l4e1gKYZnYHqIsByrD9PU1RC7Edbyygz1AgDZCgFuGkXB7LD0Xvho4mEd21kDH8pEE7J9n6ICq2cUOaO_wy_04LpZVICJ-3sQXhf8zhQQNkpU5So7ML?key=-ecJToMAClMQSVFeGIyFZA" alt="">
 </figure>
</div>
Binance Coin (BNB) Price Chart (Source: <a href="https://in.tradingview.com/symbols/BNBUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
If the positive momentum continues, resistance levels are anticipated at $598 and $620. A decisive movement beyond $620 could propel BNB towards $650.&nbsp;
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&nbsp;
<a href="https://thenewscrypto.com/is-xrp-on-the-verge-of-a-major-breakout/" target="_blank" rel="noopener noreferrer nofollow">Is XRP on the Verge of a Major Breakout?</a>

Will Binance Coin (BNB) Break Through the $600 Barrier?

Innholdsfortegnelse

TheNewsCrypto

Andre artikler publisert på 31. juli 2024

SEC Chairman Gary Gensler May Resign as Trump Readies for 2025 Presidential Term

US SEC Chair Gary Gensler Warns Against AI And Crypto Fraud

Crypto Market Stabilizes with Key Supports

Metaplex Announces Deployment of Its Product Suite to Sonic SVM

Will Bitcoin (BTC) Rebound Shortly Defying Market Fluctuations?

ONDO Price Gears Up for $1.5 Rally as On-Chain Recovery Gains Steam

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!