Insights Analysis Will Law-struck BNB Bounce Back?

Will Law-struck BNB Bounce Back?

July 19, 2023 Analysis
BITmarkets | Will Law-struck BNB Bounce Back?

On July 19th, Binance Coin (BNB) has clocked slight gains of approximately 0.70%. For over a month, BNB has been behaving as the majority of major cryptocurrencies out there; trading horizontally.

During the past week, BNB lost more than 2.5% of its value, while boasting a market capitalization of more than $37 billion at the time of writing. The real question is: Where to next?


BNB/USDT - 1 Week Time Frame

Currently priced at $231.6 apiece, the BNB token native to the popular cryptocurrency exchange has been trading in a slightly-downward-trending manner since the 10th of June. Before that, its price witnessed a significant drop following the lawsuit raised against Binance by the United States Securities and Exchange Commission (SEC).

The prominent support level lies by the $230 mark, and the resistance level of $255 represents the next target for the bulls. Other cryptocurrencies have also behaved in a similar manner the past week, but the omnipresent sentiment of crypto traders and investors point more towards bullish.

A BIT about BNB

BNB is a cryptocurrency native to the Binance cryptocurrency exchange, which was created back in 2017. Initially issued as an ERC-20 token, BNB holders can save trading fees when engaging in cryptocurrency trading on the Binance platform.

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