BNB price has been steadily rising for three consecutive days, pushing its value from $503 to $528— a 5% increase. This upswing ignores the broader market uncertainty following the Bitcoin consolidation around the $60,000 level. A key factor contributing to Binance’s recovery is that the exchange resumed operation in India after registering with the Financial Intelligence Unit (FIU) and paying a substantial fine.
BNB Price Rises as Binance Resumes Operations in India
Binance, the world’s largest cryptocurrency exchange by trading volume, has resumed its operations in India after its URL was unblocked. This followed Binance’s successful registration with the Financial Intelligence Unit (FIU), aligning with local regulatory requirements. The BNB price responded positively to this update and secured strong support above the $500 level.
Earlier, the Indian government took a firm stance against offshore cryptocurrency exchanges, blocking URLs for nine platforms, including Binance, OKX, and KuCoin.
However, Binance managed to comply with FIU after paying a $2.25 million fee, addressing previous lapses in adhering to India’s anti-money laundering regulations. Binance’s proactive approach to operating within the legal framework should set a positive sentiment toward the cryptocurrency topic in India, attracting a massive inflow of potential users.
This move shows Binance’s credibility to navigate the complexities of different jurisdictions which should enhance its global reputation as well.
Binance Coin Price Nearing Crucial Breakout
The BNB price recently reverted from the $454 support level, leading to a 14.5% surge to $530. Consecutively, the market cap boosted to $77.3 Billion, while the 24-hour trading volume recorded at $1.63 Billion.
An analysis of the daily chart showed this upswing as a double bottom formation— a well-known reversal pattern often spotted at market bottoms. The chart setup showcasing a ‘W’ structure accentuates the presence of active demand pressure which could bolster a trend reversal.
A fresh higher low formation (ascending blue line) in the Moving Average Convergence Divergence (MACD) accentuates the rising buying pressure and potential for a prolonged rally.
With sustained buying, the BNB price could drive a 14.4% rally to challenge the neckline resistance of $606. A further breakout will intensify the bullish momentum and bolster change in market sentiment.
On the contrary, if the Binance coin price breaks below the bottom support trendline, the above bullish thesis will be invalidated. The post-breakdown fall may drive the asset 12% down to test $385 support.
Frequently Asked Questions (FAQs)
Binance’s registration with the Financial Intelligence Unit (FIU) in India and the subsequent unblocking of its URL led to the BNB price jump above $500.
The BNB price chart is forming a double bottom pattern, a bullish reversal structure that could potentially lead to a breakout above the $600 resistance level.
A bearish breakdown from the 150-day support trendline could invalidate the bullish thesis, possibly leading to a decline toward the $385 support level.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-binances-fiu-compliance-bnb-price-rally-600/
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