BNB is yet to rally despite Binance gaining New Zealand approval

BNB is up by less than 1% in the last 24 hours but could it rally higher after Binance gained regulatory approval in New Zealand?

BNB, the native token of the Binance crypto exchange, is up by less than 1% in the last 24 hours, outperforming the broader crypto market in the process.

The total crypto market cap remains above $900 billion despite losing more than 1% of its value so far today.

Bitcoin, the world’s number one cryptocurrency, risks dropping below the $19k support level as it is down by more than 1% in the last 24 hours. Ether has lost its $1,300 support level after declining by more than 2% in the past few hours. 

Binance, the world’s leading cryptocurrency exchange, announced a few days ago that it had gained regulatory approval in New Zealand. 

Kia Ora, New Zealand! 🇳🇿

We’re pleased to announce that #Binance has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand. pic.twitter.com/xCyBmRVb2x

— Binance (@binance) September 29, 2022

The crypto exchange has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand.

However, the announcement hasn’t served as a strong catalyst for BNB to rally, but the coin could still soar higher over the coming hours and days.

Key levels to watch

The BNB/USD 4-hour chart is bullish as BNB has been outperforming the broader crypto market over the past few hours. 

BNB/USD Chart By TradingView

The MACD line crossed into the positive zone on September 28th and has remained there, indicating the bullish trend for BNB. 

The 14-day relative strength index of 55 shows that BNB could enter the overbought region if the bulls should take control of the market.

At press time, BNB is trading at $284.8 per coin. If the bullish momentum increases, BNB could surge past the $306.9 resistance level before the end of the day. However, the $324 support level should cap further upward movement in the near term. 

The broader market is bearish, and this could see BNB suffer losses over the next few hours. If that happens, BNB could slip below the $272 support level before the end of the day. 

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