Binance Coin Remains Steady Despite Increasing Regulatory Scrutiny on Binance
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Binance Coin (BNB) emerged as one of the top gainers in the crypto industry on Monday after soaring by over 7% in the past 24 hours. However, the fourth-largest cryptocurrency has suffered a mild correction over the past few hours, sending BNB to $322, where it currently trades.
Binance Coin’s bullish traction reportedly comes from a boost from Bitcoin’s reclaim of the $34k level, which shot market confidence up and drove prices higher. Also, the ramped-up activities on the world’s largest exchange, Binance, over the weekend bolstered the market sentiment surrounding Binance Coin.
However, with the mounting regulatory pressure on Binance, the BNB could come under renewed bearish pressure and uncertainty in the short term and long term. That said, BNB has, so far, ignored these fundamental developments. The cryptocurrency has traded on a relatively steady momentum despite the increased scrutiny from regulatory bodies around the globe.
Changpeng Zhao, the CEO of Binance, is downplaying the effects of these developments with his influence in the crypto space, urging investors and traders to “ignore the FUD” via Twitter, following a recent ban of its operations by the UK FCA. Given the steady momentum seen in the BNB market, it is safe to say that Zhao’s efforts have proven effective.
Key Binance Coin Levels to Watch — July 12
BNB remains in a steady upwards trajectory, buoyed by the 200 SMA and ascending trendline. Given the broader market sentiment, we expect a bounce off the 200 SMA and towards the $350 critical resistance, once again. A break above the $350 resistance over the coming days should confirm an overwhelming bullish bias and propel prices higher.
That said, a slip below the SMA could stall the recovery of BNB and send it near the $300 line.
Meanwhile, our resistance levels are $350, $400, and $410, and our key support levels are $300, $260, and $225.
Total Market Capitalization: $1.40 trillion
Binance Coin Market Capitalization: $49.4 billion
Binance Coin Dominance: 3.5%
Market Rank: #4
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