Binance Coin's 1.51% Price Drop to $240.74: Key Takeaways for July 24, 2023

Binance Coin (BNB) saw a 1.51% price decline over the past hour to $240.74, as the crypto markets continue to consolidate after strong gains earlier this month. With the crypto markets poised for a powerful bull run, now is the optimal time to sign up for Binance and start executing profitable trades.

BNB's 24-hour trading volume stands at $423.67 million, indicating healthy interest in the token. Over the past day, BNB is down just 0.30%, showing relative resilience compared to more volatile major cryptocurrencies.

Zooming out, BNB has shed 7.33% over the past week as the crypto market cools off from its rapid ascent in early July. However, BNB is still up significantly from its lows this year, having gained over 115% from its 2022 bottom of $112.09 in late June.

Based on BNB's technicals, the token appears to have found strong support around the $230 level after breaching that threshold last week. Its 50-day moving average also sits right around $230, underscoring this zone's technical significance. As long as BNB holds above $230, its medium-term uptrend remains intact.

I expect BNB to consolidate between $230 and $250 over the coming days as buyers and sellers reach equilibrium. A decisive break above $250 could trigger a rally back to BNB's recent highs around $280. However, a drop below $230 would likely open the door to further downside.

How Will BNB's Utility Drive Future Price Action?

As the native token of the Binance ecosystem, BNB benefits from strong utility value. BNB is used to pay fees on Binance Exchange and Binance Smart Chain, which helps drive recurring demand. Furthermore, Binance burns BNB tokens quarterly, reducing circulating supply. As Binance continues expanding its ecosystem, BNB's utility should keep increasing. This utility-driven demand can provide fundamental support for BNB prices over the long-term.

What Levels Could Spark BNB's Next Major Breakout?

BNB is likely rangebound between $230 support and $280 resistance in the near-term. A decisive break above $280 and BNB's 50-day moving average around $295 could signal the start of a new uptrend, with upside targets around $350. On the downside, dropping below $230 support would put BNB at risk of retesting 2022 lows around $180. Therefore, $230 and $280 are key levels to watch for BNB's next major trend defining move.

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