Price Reaction to SEC Decision
Despite the positive news of the SEC abandoning its request for a court ruling on Binance Coin (BNB) securities, the token’s price showed a muted reaction. In the past 24 hours, BNB’s value increased by only 2%, with trading volume up by 1%.
BNB’s Sideways Trading Pattern
BNB has been trading within a horizontal channel since early July, indicating a balance between buying and selling pressure. The coin encountered resistance at $597.50 and found support at $554.40, remaining range-bound.
Possible Bullish Breakout for BNB
As bullish sentiment builds, BNB may experience a breakout. Data from Binance Funding Flow shows continued liquidity influx, with the CMF indicator above 0, indicating market strength. A rising CMF while the price moves sideways suggests potential buying pressure.
Additionally, BNB’s Elder-Ray Index remains positive, indicating a strong bullish bias despite sideways movement. If buying pressure surpasses selling activity, a breakout above the resistance of the horizontal channel may occur.
