As a researcher with a background in cryptocurrency and blockchain technology, I find myself constantly intrigued by the dynamic nature of the market. Over the past few years, I have witnessed the meteoric rise and fall of various coins, each accompanied by unique stories and events that shape their trajectory.
Over the past weekends, there has been a notable increase in BNB‘s price, suggesting a potential double-bottom reversal within a broadening wedge pattern. The approval of PFAK’s license in Indonesia and the anticipation surrounding Changpeng Zhao’s upcoming release are adding to this recovery trend. The question remains whether this upward momentum will continue strongly enough to push BNB price towards $600.
BNB Price Rebounds with Tokocrypto’s Regulatory Win and CZ’s Imminent Release
Based on records from the Bureau of Prisons, Changpeng Zhao (CZ), the former CEO of Binance, is set to be released on September 29, 2024, from Long Beach RRM, a federal prison in San Pedro, California. The upcoming release of CZ may contribute to optimistic feelings about the price of BNB.
In simple terms, Tokocrypto – part of the Binance family – has obtained the Physical Crypto Asset Trader (PFAK) license from the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti). This means that Tokocrypto can legally trade physical cryptocurrencies within Indonesia. This is a significant move towards regulatory compliance and ensuring investor safety in Indonesia.
Under the PFAK license, Tokocrypto intends to carry forward its strategic growth initiatives and underscore its commitment towards building trust and transparency within the Indonesian Web3 community over the long term.
In recent times, Tokocrypto has experienced significant growth in 2024, as its user count soared past 4.5 million. Moreover, the platform’s monthly trading volume has risen impressively by 138%, indicating a boost in investor trust and continuous development.
Binance coin Price Eyes $720 Breakout amid Wedge Pattern Formation
On the daily chart, the BNB exhibits a widening triangle structure, which suggests uncertainty in the market’s direction. This configuration involves two lines that gradually move apart, hinting at potential volatility or indecision in the price movement.
Right now, the price of Binance Coin is holding steady near its support level at around $468 within the expanding wedge shape. This key support level, combined with the $468 static resistance level, is helping to create a potentially positive trend reversal known as a “double bottom” pattern.
In simpler terms, the BNB price seems to be heading towards an upward trend, as suggested by the MACD indicator getting ready for a bullish cross-over. However, the 50-day and 200-day moving averages are close to crossing paths in a bearish manner, which could potentially reverse the positive trend due to the past negative impact on BNB’s price movement.
After a 4-day period of recovery following the weekend, the price of BNB has risen by 7.8% to reach around $505. The bullish momentum is strengthening as BNB solidifies its position above the significant $500 psychological level. With a potential double bottom formation in play, buyers may aim for a breakout at the $600 resistance level, potentially leading to an extended surge towards $721.
Instead, if there’s a bearish turnaround at the 200-day mark, it could lead to a decline to approximately $450, potentially amounting to a 13% decrease in value.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- BSW PREDICTION. BSW cryptocurrency
2024-09-10 12:38