Binance rally slows down
The Binance token’s surge last week was buoyed by a wave of optimism surrounding US regulatory developments. The SEC unveiled a fresh agenda aimed at easing crypto regulations – including proposals to integrate digital assets into traditional financial markets and establish safe harbours for crypto transactions.
This marked a significant policy shift under the current administration, markedly more supportive than prior enforcement-heavy approaches, which had previously targeted firms like Binance and Coinbase.
BNB technical analysis
Binance remains sidelined below record high
Binance bullish scenario:
Binance’s rally off its early August low has so far taken it to a record high at $900.80 on 22 August, a rise above which may lead to the psychological $1,000.00 mark being eyed next.
First, though, the 8 September high at $885.70 needs to be exceeded on a daily chart closing basis.
Further range trading will remain in play while the current September high at $885.90 caps and the 15 August low at $813.20 underpins.
Binance bearish scenario:
A bearish reversal and fall through the early September low at $839.50 may engage the 26 August low at $831.10 and perhaps also the 15-to-20 August lows at $818.90-to-$813.20.
In case of the $818.90-to-$813.20 support zone being fallen through, the 23 July high at $810.20 may be reached and perhaps also the 11 August low at $792.70. A fall through that level on a daily chart closing basis may push the early August low at $729.70 to the fore.