Can Binance’s Regulatory Win Keep BNB Above $500?

Highlights

• The BNB price is witnessing a steady recovery trend with an ascending trendline intact.
• The $530 level stands as a crucial accumulation zone, supported by a 200-day EMA and ascending trendline.
• Binance recently secured regulatory approval as a Virtual Asset Service Provider (VASP) in Argentina, expanding its global foothold.

Current Market Overview

The BNB price has recently plunged 3.4% in the last 24 hours, currently trading at $554. This renewed selling pressure follows a significant crash in Bitcoin, which fell below $65,000 amid escalating geopolitical tensions between Israel and Iran. Despite the broader market pullback, Binance has further expanded its global reach by securing regulatory approval from Argentina’s National Securities Commission (CNV).

Will Binance’s Latest Regulatory Win Shield BNB Price From a $500 Breakdown?

Binance, the largest cryptocurrency exchange by trading volume, has achieved a significant milestone by registering as a Virtual Asset Service Provider (VASP) in Argentina. This regulatory approval allows Binance’s mobile and web applications to be fully accessible to users in the country.

The recent VASP approval follows registrations in Kazakhstan, India, and Indonesia, enhancing Binance’s regulatory foothold across the globe. Guilherme Nazar, Binance’s Head of Latin America, stated:

“Argentina is a key market for Binance. We will continue to work closely with the authorities to develop the industry most sustainably and securely for the benefit of the crypto community and society as a whole.”

This compliance with regulatory authorities underscores Binance’s commitment to delivering a robust, secure, and transparent crypto ecosystem, which may positively influence demand for BNB, its native cryptocurrency.

Impact of Recent Events on BNB Price

Former Binance CEO Changpeng Zhao (CZ) was released from a U.S. federal prison on September 27, 2024, after serving a four-month sentence for failing to implement adequate anti-money laundering (AML) measures at Binance.

BNB Coin Hints at a 4% Drop Before Major Reversal

In light of ongoing geopolitical tensions, the BNB price has seen a notable decline from $618 to $554, representing a 13.2% loss. This bearish turnaround invalidates the $600 breakout from late September, strengthening sellers’ control over the asset.

If selling pressure persists, the Binance coin price could decline another 4%, retesting the 200-day exponential moving average at $530. This support level coincides with an ascending trendline that has been intact since August 2024, potentially serving as a reversal point.

A bullish reversal from this level could keep the near-term trend positive, allowing buyers to accumulate at market dips. In this scenario, the BNB price might rebound 11.8% to challenge the $600 barrier and aim for $721.

Conversely, if the BNB price breaks below the support trendline, bearish momentum may accelerate, leading to a prolonged decline toward $471.

Conclusion

As BNB navigates the challenges of a fluctuating market, its recent regulatory achievements and technical indicators will be critical in determining its price trajectory. Investors should closely monitor these developments to make informed decisions in this evolving landscape.