In an exceptional development, Binance Coin (BNB) has shown a repeated technical formation within a short span. This rare occurrence happened twice in under a month, signaling strong market interest. Following a successful initial pattern, the likelihood of the second formation actualizing is high. This is backed by bullish fundamentals that could trigger a significant upward trend.
Recently, Binance Exchange announced its expansion into Thailand. Operating through Gulf Binance, a subsidiary in the Gulf region, Binance is now offering trading services to the Thai public. An official blog post revealed the launch of “Binance TH by Gulf Binance.” This initiative will enable Thai users to engage in digital asset exchange and brokerage services. A notable feature is the seamless transaction capability with the local Thai Bhat (THB).
This expansion follows the Thai Ministry of Finance granting digital asset operator licenses to Binance in May 2023. Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude for the launch in Thailand. He highlighted the significant effort and collaboration with Thai regulators over the past year.
Binance’s approval in Thailand is a milestone. It positions the company as an authorized digital asset exchange and broker in the region. The platform had previously engaged in an invite-only testing phase in November. Now, it has fully transitioned to public operations.
The Binance Coin price dynamics have mirrored these developments. The price has consolidated into a flag pattern, recognized as a reversal pattern in trading. This pattern suggests a brief consolidation before a trend’s next impulsive leg. Analysts predict that if this bullish flag pattern activates, BNB’s price could surpass $339.60 (ZAR 6438.82). It could potentially climb by 30% to reach $414.90 (ZAR 7866.50), revisiting its April 2022 highs.
Technical indicators like the Moving Average Convergence Divergence (MACD) are hinting at a buy signal. This signal is contingent on the MACD line surpassing the signal line. Additionally, the Relative Strength Index (RSI) above 50 underscores the strong price strength, supporting the bullish outlook.
However, there’s a cautionary note. If profit-taking dominates, Binance Coin’s price might fall. It could slip below the channel’s midline, potentially invalidating the bullish thesis. A break below $297.30 (ZAR 5636.81) could trigger further declines to $260.30 (ZAR 4935.29).
Moreover, the RSI suggests a possible sell signal. If the RSI crosses below its signal line, BNB’s price might fall to $231.90 (ZAR 4396.82) or, in extreme cases, to $225.00 (ZAR 4266.00). This scenario would mark a 30% decline from current levels.
For South African investors and crypto enthusiasts, these developments in the Asian market, particularly Thailand, could provide insightful trends and investment opportunities in the evolving digital asset landscape.
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