BNB Keeps Pushing Higher After the Support at $330 Holds

Cryptocurrencies had been showing mixed signals in the last two months, since the decline stopped in January, but in the last two weeks, we have seen them reverse higher, and the bullish momentum has been picking up pace recently, with Bitcoin (BTC) moving above $44,00 yesterday. Crypto traders were undecided for about two months, as the Binance (BNB) coin and most cryptocurrencies were bouncing within a tight range. But, in the last two weeks, the pressure has been totally to the upside, so there’s a chance that Binance might be turning bullish again.

Binance Daily Chart Analysis – Buyers Have Finally Broken the 50 SMA

Binance coin has been under attack from this global crypto crackdown, and it failed to make new highs after the reversal in May, and in November, the sentiment turned bearish for Binance, which reversed from $670, falling to around $330. During this time, the 50 SMA (yellow) turned into resistance on the daily chart, pushing the highs lower.

But the support and resistance zone around $330 held as support twice, and last week BNB/USD pushed above the 50 SMA, which has been acting as resistance since December. Now the next support comes at around $440 and then at $500.

The support zone around $330 holds for BNB 

Binance Expanding Operations

Changpeng Zhao started Binance, which is a cryptocurrency trading platform that was originally situated in China, but later migrated to the Cayman Islands, due to increasing Chinese regulations, as part of the global crackdown, which jeopardized its operations. But, the BNB coin held well during this time, despite the pressure from authorities in certain places around the globe.

Binance was accused of violating financial laws in Canada last year, and it is shutting down its services in the province of Ontario as a result. However, it remains strong in other areas, and the total value locked in the Binance Smart Chain DeFi space has reached $12.53 billion. The world’s largest crypto exchange has been granted a Virtual Asset Licence to conduct crypto operations in Dubai – this comes after Bahrain did so earlier this month.

BNB/USD

After adopting Bitcoin as a national currency, El Salvador is now seeking support from Binance, both for its implementation of BTC as legal tender, and for the issuance of Bitcoin bonds. Binance also bought half of Forbes Media for $200 million recently.

These events have helped improve the sentiment for BNB, although the 18th coin burn last month, which removed 1.684 million BNB coins, at a value of $950 million, from circulation, in an attempt to destroy 50% of the circulating supply of about 100 million, also played a part in this. But,for now, let’s see if buyers have enough strength to push above all the resistance zones and resume the bullish trend for Binance.