Cyprus Approves Binance, But Bianance Coin Consolidation Continues

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The Cyprus Securities and Exchange Commission registered Binance as a Crypto Asset Services Provider (CASP) on October 20 (CySEC). With licenses from France, Italy, and Spain as well, Binance will now have four operating licenses for digital asset services in Europe.

With the help of this registration, Cyprus residents will now have access to Binance services, such as spot trading, custodian, staking, and card services. The coin, like the majority of coins, has been in consolidation for the past two months, and most recently, a support level collapsed. However, the price of BNB has had no significant change since the announcement.

Key Binance Coin Levels to Watch — October 21

Binance coin is currently at a 43% rise since its recent lowest point ($186.0), to reach the current price of $270.3. However, since the coin reached its peak at $335.0, the market has remained stagnant in a consolidation zone. 

Cyprus Approves Binance, but Consolidation Continues

The coin has been moving within a largely bearish channel, although it has created a new support level for itself, which it has retested thrice and has continued to hold. The TSI indicator represents a mostly sideways-moving market. The market has been moving just along the signal line of the indicator, showing the balance of power between

BNB buyers and sellers. The Stochastic indicator has also maintained an average motion. The indicator puts the BNB market at 55.20, which shows that there hasn’t been much volatility in the coin market.

Binance Coin Key Levels

Resistance Levels: $299.00, $335.00, $452.00
Support Levels: $186.00, $215.00, $396.00

Total Market Capitalization: $911.2B
Binance Market Capitalization: $42.9B
Binance Volume: $616.1M
Market Rank: #5

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.