With the release of Binance Pre market service and a reversal pattern breakout, the price of BNB is expected to continue its upward trend and reach $800.
The price of BNB fell 1.45% on Wednesday during the US trading session. The bearish turn around is consistent with a wider market retreat, but a retest of the key resistance breakout suggests that there may be more upside. Furthermore, it is anticipated that Binance’s recently introduced Pre-Market service will boost user engagement and transaction volume, which could lead to an increase in demand for BNB.
BNB Price Eyes $800 as Binance Unveils Pre-Market Service
On September 25, 2024, Binance introduced its Pre-Market service, which allows users to access tokens before their official spot market listing. This joint initiative from Binance Spot and Binance Launchpool will enable users to divest their proceeds from Lauchpool reward trades or acquire assets before their official spot listing.
Key Benefits:
- Early market Entry: Users can buy or sell tokens before the official spot listing.
- Launchpool Integration: Subscribers of Binance Launchpool can capitalize on early market movements to trade their pre-allocated tokens.
- No Additional Fees: Binance ensures users only pay the standard spot trading fees.
The first official Pre-Market project will be announced separately, even though the service is currently operational. The cutting-edge service may increase user engagement and transaction volume on the Binance exchange, which would benefit the price of BNB.
See the article on the best cryptocurrency exchanges for a thorough breakdown.
Binance Coin Signals Major Reversal Amid Inverted Head and Shoulder Pattern
The price of BNB showed a V-shaped recovery over the last three weeks, rising from $471.3 to $598.5, or 30%. This recovery helped create an inverted head and shoulder bullish reversal pattern, according to a daily chart analysis.
Three troughs make up this chart pattern, with the middle one (the head) being deeper than the other two (the shoulders). A significant reversal was indicated on September 23rd when the price of the Binance coin decisively broke above the pattern neckline resistance at roughly $600.
The asset’s sustainability for future rallies will be confirmed by the price’s 1.22% decline today to the broken trendline. The post-retest rally has the potential to propel a 34% increase to $800 with persistent buying.
The bullish narrative is strengthened by a bullish crossover between the 50- and 100-day EMA and the impending release of Changpeng Zhao, the former CEO of Binance.
In contrast, sellers may regain the bearish momentum and drive the asset back to $525 if the retest closes below the trendline.