Binance Coin (BNB) Eyes Rally as Key Resistance at $555 Looms

Binance Coin (BNB) has shown resilience after bouncing back from the critical $520 support level, with its price currently hovering around $544. Analysts suggest that a decisive breakout above $555 could pave the way for a significant rally, but uncertainty lingers as the token struggles to reclaim higher resistance levels. Despite recent downward pressure, trading volume has surged, indicating renewed interest from buyers.

Binance Coin (BNB) Price Analysis: Breakout Above $555 Could Lead to Rally

Binance Coin (BNB) has rebounded from the critical $520 support zone and is currently trading around $544. The price recovery remains uncertain unless BNB reclaims $550 and surpasses $555. Recently, BNB experienced notable downward pressure, falling to a key support range between $520 and $525, but this zone proved crucial for buyers. Despite a 6.35% decline in the daily chart, BNB has recovered, with trading volume reaching $2.68 billion over the last 24 hours. The bounce back to $544 has triggered Optimism among market players, as historically, strong support has been seen in this area.

Nigerian Court Postpones Binance Tax Evasion Trial to April 30

A Nigerian court has adjourned a tax evasion case against Binance to April 30. The delay is to allow the Federal Inland Revenue Service (FIRS) time to respond to a legal request from Binance. Reuters reported that the FIRS is seeking $2 billion in back taxes and $79.5 billion in damages for alleged economic losses resulting from Binance’s activities in Nigeria. The agency claims Binance has a significant economic presence in the country and should be subject to corporate income tax, including payments for 2022 and 2023, along with a 10% annual penalty on unpaid amounts.