BNB Price Prediction: Analysing the Potential Bullish Breakout
On Tuesday, the U.S. Securities and Exchange Commission (SEC) announced that it will no longer pursue a court ruling on the classification of “third-party crypto-asset securities” listed on Binance. This decision brought positive news to the market, yet the price of Binance Coin (BNB) saw only a modest 2% increase in the past 24 hours, with trading volume up by 1%.
Current State of BNB and the Horizontal Channel
BNB is currently trading at $584.27 and has been moving sideways within a horizontal channel since early July. This channel indicates a balance between buying and selling pressure, with resistance at $597.50 and support at $554.40.
Despite the recent quiet performance, there are signs of potential bullish breakout. The Binance Funding Flow (CMF) is at 0.19, above zero, indicating market strength. Additionally, the Elder-Ray Index for BNB is positive at 6.3, showing a strong bullish bias.
Possible Price Movements for BNB
If bullish sentiment continues, BNB could see a surge in demand leading to a price rally above $600 and potentially reaching highs of $618.80. However, if bearish sentiment takes over, the coin’s price may drop to $557.10.
In conclusion, the recent developments surrounding the SEC’s decision, combined with technical indicators, suggest that BNB is poised for a potential bullish breakout. Traders and investors will be closely watching the market movements in the coming days to see if BNB can break through its current resistance levels.
