Binance launches pre-market market to boost $BNB demand

With the recent launch of the Pre-Market service by Binance, the price trend of $BNB has once again attracted market attention. The price of Binance’s native token $BNB fell 1.45% during the U.S. trading session, according to the latest data, but a retest of its key resistance level also hinted at the possibility of further gains ahead. The launch of the pre-market market is believed to be expected to increase platform user activity and trading volume, thereby increasing demand for $BNB.

Binance officially launched the pre-market market service on September 25, 2024. This service allows users to trade in advance before the token is officially listed on the spot market. This move is linked to the Binance Launchpool platform, allowing users to trade allocated tokens in advance without paying additional handling fees and only need to pay general spot transaction fees. This innovative service will help Binance further solidify its leadership position in the cryptocurrency market and is expected to drive $BNB price upwards.

Source: Binance Binance officially launches pre-market market service

BNB forms a “Head and Shoulders Bottom” pattern, targeting $800

According to recent technical analysis, $BNB has rebounded from $471.3 to $598.5 over the past three weeks, a gain of 30%. The daily chart shows that this rebound contributed to the formation of an "Inverted Head and Shoulder" pattern, which is a classic bullish reversal signal. On September 23, $BNB managed to break above the pattern’s neckline resistance at $600, which means the market could be entering a stronger uptrend.

Source: TradingView $BNB currently forms a “Head and Shoulders Bottom” pattern

After breaking above resistance, $BNB witnessed a 1.22% retracement, testing the neckline. This backtest will verify whether $BNB can maintain upward momentum. If the backtest is successful and buying continues, the price of $BNB is expected to climb a further 34% and touch highs of $800.

At the same time, the golden cross between the 50-day and 100-day moving averages further strengthened the bullish sentiment in the market. In addition, the upcoming release from prison of Binance founder Changpeng Zhao (CZ) has also become one of the important factors driving the market upward.

CZ is about to return to the market, with a profound impact on $BNB price

Technicals aside, another piece of good news for $BNB price is the impending release of Changpeng Zhao (CZ) from prison. According to market sources, CZ will be free on September 29. Earlier this year, Binance paid a fine of up to $4.2 billion in response to investigations by the U.S. Department of Justice and the Securities and Exchange Commission (SEC), and CZ was jailed for four months. Now that his prison sentence is coming to an end, the market is full of expectations for the movements of this hugely influential cryptocurrency figure after returning to the market.

Some analysts pointed out that the release of CZ may become the trigger point for the price of $BNB to break through the key resistance level. Especially under the current favorable background of multiple technical and fundamental factors, the price of $BNB may have the opportunity to break through the historical high of $691. Even challenge new records. However, the market is still cautiously waiting. Whether CZ’s return can really trigger a rise in $BNB prices requires further market reaction to verify.

[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.