BNB has recently returned to a price range that investors closely monitor. Sharing their market observations, analysts stated that the asset is approaching the regions that have formed the basis of strong rises in the past. Having retreated from its recent peaks, BNB has been following a horizontal trend within a wide band for a while.
Balancing continues in the main band
According to the chart featured on the monthly charts, BNB has pulled back from its all-time high above $1,300 and is currently trading in a wide range between $550 and $700. The current price’s movement near the middle part of this band is considered by some market participants as an accumulation phase.
According to analyst Aman, the long-standing squeeze structure in BNB attracts attention. In the past, sharp directional movements were observed following a similar outlook. Therefore, the market is watching whether the current horizontal outlook is preparation for a new breakout.
It is evaluated that if the BNB price exceeds the current resistance zone, the next upward target may be between 800 and 900 dollars, followed by the 1,000 dollar level.
The RSI indicator, known as the relative strength index, is around 40. Although this outlook indicates that momentum is weakening, it does not produce a clear bearish signal on its own. Analysts stated that RSI approaching the 50 threshold could be critical for the short and medium-term direction.
Mini dictionary: RSI is a technical indicator used to measure the speed and strength of price movements. Generally, levels below 30 are considered oversold, and levels above 70 are considered overbought; However, it does not provide a definitive direction on its own.
In the short term, $560 and $570 support stands out
In shorter term charts, the outlook is read more cautiously. Analyst Sjuul said that BNB was pulled back into an important support area after its unsuccessful breakout attempt. On the 12-hour chart, it can be seen that the $560 to $570 area is the area where buyers stepped in more than once.
Since February, reaction buying has attracted attention every time the price approaches this region. On the other hand, the $675 to $690 range remains a strong resistance zone. Although the last attempt to rise seemed successful for a short time, it did not continue and then a sharp retreat occurred. This movement was interpreted as an upward trap in the market.
The European plan has changed on the Binance front
Simultaneously with the price movements, a regulatory development regarding Binance’s European operations also came to the fore. Binance, one of the world’s largest crypto asset exchanges, announced that it has withdrawn its license application in Greece within the scope of MiCA regulations and will seek authorization in another European Union country.
Binance announced that it has withdrawn its MiCA license application in Greece and will continue the authorization process in another EU member state.
The company stated that this decision was taken after re-evaluating the licensing process and schedule in Greece. According to Binance, the European market remains important and the company will continue to take steps to comply with MiCA rules. The exchange also stated that it expects to receive the license in the coming months and will complete the necessary compliance steps before July 1.
