Binance Expansion Plans Fail To Revive BNB, Bullish Setup Only Hope Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— Binance, one of the world’s leading cryptocurrency exchanges, continues to navigate legal complexities while expanding its trading services. Recently, the company has faced significant scrutiny, including legal challenges in Nigeria.
In May, Binance’s compliance chief in Nigeria was detained, a move that the company clarified did not affect its decision-making power. This development comes amid broader regulatory pressures that have kept Binance in the spotlight, particularly regarding its operations and compliance standards globally.
Despite these challenges, Binance continues to enhance its service offerings. On May 28, the exchange announced the introduction of new trading pairs on its platform, a move aimed at meeting the growing demand for cryptocurrency trading in various regions.
BNB price action over the past 30 days. Source: CoinStats
BNB prices, on the other hand, have not performed well recently. The token’s price is down nearly 5% since May 22 and reached a daily low near $596 on May 29. Yet, the token has some bullish technicals that could attract buyers to the market.
Expansion of Trading Pairs and Services
On May 29, Binance announced plans to open trading for several new pairs, including BTC/MXN, XRP/MXN, ENS/USDC, and LDO/USDC. This expansion is part of Binance’s ongoing efforts to provide diverse trading options and improve the overall trading experience on its platform.
The decision to list Mexican peso (MXN) pairs reflects the increasing adoption of cryptocurrency in Latin America, particularly in Mexico, where demand for digital assets is on the rise.
Binance announced new token pair listings.
In addition to the new trading pairs, Binance will simultaneously enable Trading Bots services for these pairs. This service allows users to automate their trading strategies, potentially enhancing their trading efficiency and effectiveness.
However, Binance has specified that residents in certain regions, including Canada, Cuba, Iran, US, among others, will not be able to trade these new spot pairs. This restriction underscores the regulatory challenges that Binance faces as it seeks to expand its global footprint.
BNB Price Forms Bullish Pattern, But Binance Expansion Key
Though the BNB coin price has formed a bullish technical setup called the ‘ascending triangle,’ it would need some effort from the bulls to break out and confirm the pattern.
BNB formed a bullish setup with a 34% upside target. Source: Tradingview.com
Historically, a horizontal trendline connecting swing highs and an ascending trendline connecting swing lows form an ascending triangle pattern. Moreover, the volume helps determine whether a breakout is strong. Under ideal conditions, buyers would enter the market as the trendlines close the gap.
As a result, the token’s price would push above the horizontal resistance with heavy volumes.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the bullish pattern pans out, BNB price has a theoretical price target near $802, a spike of 34% from current levels.
BNBUSD daily price chart with RSI.
Meanwhile, BNB coin price movement has been largely lateral since May 23, suggesting market participants wait for a large movement on either side before entering.
If the token starts rallying following Binance expansion efforts, BNB price faces resistance from the 0.618 FIB retracement level near $626 and the 0.786 FIB level near $661. On the other hand, a downtrend from here would see BNB price drop to the 50-day EMA (purple wave) support near $576.
Failure of the immediate support could force the token test the support near $545 before recovering.
The RSI remained neutral for BNB, with a score of 53.21 on the daily charts.
The post Binance Expansion Plans Fail To Revive BNB, Bullish Setup Only Hope appeared first on CoinChapter.
