The altcoin market, led by Ethereum (ETH) and Binance Coin (BNB), has gradually gained ground over Bitcoin (BTC) in the recent past. The Bitcoin dominance in the weekly timeframe has experienced a major resistance level of around 65 percent, thus signaling an imminent reversal to kickstart the 2025 altseason soon.
Furthermore, on-chain data shows DeFi projects, led by DEXes such as PancakeSwap (CAKE), have recorded a significant increase in daily volume in the recent past
As the native coin for the Binance ecosystem, BNB has significantly benefited from the notable positive developments of the BSC chain and the crypto exchange. Last week, the United States Securities and Exchange Commission dropped its long-standing case against Binance and its top executives.
As Coinpedia reported, the closure of the SEC vs Binance case will not only have a major positive influence on BNB but also to the entire crypto market. Moreover, BNB is a major liquidity source for dozens of tokens based on the BSC chain.
In the weekly timeframe, BNB price has been consolidating since March 2024 in a range between $512 and $723. However, the shorter timeframe shows BNB price has been building up bullish momentum.
In the daily timeframe, BNB price has been forming a bullish flag pattern after a solid breakout from the first quarter’s crypto correction. As a result, if BNB price consistently closes above $691 in the coming days, a rally beyond $790 will be inevitable.
However, a possible close below the support level around $648 will signal further bearish sentiment with the next robust target around $635.
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