What to know:
- BNB remains inside a long-term accumulation range that previously preceded major price advances.
- The $560-$570 support zone is under pressure after a failed breakout above resistance.
- Binance has withdrawn its MiCA license application in Greece while pursuing approval in another EU country.
The BNB price is once again trading in a familiar zone that has historically served as a foundation for major price rallies, according to recent market observations shared by Aman.
Since the BNB price fell away from its record highs, it has found itself in a consolidation range. At present, the question is raised about whether growth is possible after that.
This can be seen from the BNB monthly chart; there is always a build-up before jumping. Having reached its all-time high of above $1,300, the cryptocurrency has since retracted and is currently trading within a broad range of $550 to $700.
Source: X
At present, the BNB price is around the middle range of this period, and this is seen as an accumulation stage. BNB is experiencing prolonged consolidation; such formations usually precede a strong price movement.
In case the BNB price is able to overcome the present level of resistance, the target for further growth will be the range of $800-$900, and the next significant level to reach is expected to be at $1,000.
The RSI is about 40, which indicates reduced momentum but no clear bearishness. This formation occurred before some price reversals, so reaching the 50 level of RSI is critical.
Also Read: Binance EU License Bid Continues After Greek MiCA Setback
BNB Price Support Zone Faces Another Important Test
The longer timeframe charts show a buildup pattern; however, the BNB price action in the shorter timeframe remains a question. Analyst Sjuul noted that BNB has now pulled back into an important level of support after its apparent failure of a breakout attempt.
From the 12-hour chart, we can see prices bouncing around the area of $560-$570 on multiple occasions. Starting from February, it has been the buyers’ entry point every time the price reached this area.
Source: X
On the other side, however, there is an area of resistance from 675 to 690, which has prevented several attempts at a breakup.
The latest attempt to breach this resistance seemed successful for a while but soon failed. The failed attempt created a bull trap, resulting in a sharp decline.
Binance Shifts MiCA Licensing Plans
Alongside market developments, regulatory news came from Binance regarding its business in Europe. According to the exchange, it has withdrawn its license application in Greece under MiCA regulations and now intends to apply for the same in another EU member country.
This was because the company reviewed the licensing process in Greece along with the timeline. Europe, according to the firm, is a vital market for it and will continue following MiCA regulations.
Binance stated that it anticipates receiving the license within the coming months and will make sure to take all necessary steps to comply with regulations ahead of July 1.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Unlicensed Crypto Firms Face EU July 1 Deadline Shock
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