BNB price plunged 1.45% during the U.S. trading session on Wednesday. While the bearish turnaround aligns with a broader market pullback, its retest to key resistance breakout signals the potential for further rally. Moreover, Binance’s newly launched Pre-Market service is expected to increase user activity and transaction volume, potentially fueling greater 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.
While the service is now live, the first official Pre-Market project will be announced separately. The innovative service could further boost user activity and transaction volume in the Binance exchange and positively impact the BNB price.
Check out the article on top crypto exchanges for a detailed analysis.
Binance Coin Signals Major Reversal Amid Inverted Head and Shoulder Pattern
In the last three weeks, the BNB price showcased a V-shaped recovery from $471.3 to $598.5— a 30% growth. An analysis of the daily chart revealed this recovery assisted in the formation of a bullish reversal pattern inverted head and shoulder.
This chart pattern is characterized by three troughs, with the middle one (head) being deeper than the other two (shoulders). On September 23rd, the Binance coin price offered a decisive breakout from the pattern neckline resistance around $600, signaling a major reversal.
Today’s 1.22% price pullback to the breached trendline will validate the asset’s sustainability for higher rallies. With sustained buying, the post-retest rally could drive a 34% surge to hit $800.
A bullish crossover between the 50-and-100-day EMA and the imminent release of former Binance CEO Changpeng Zhao bolsters the bullish narrative.
On the contrary, if the retest falls below the trendline, the sellers could recuperate the bearish momentum and push the asset back to $525.
Frequently Asked Questions (FAQs)
BNB’s price could target $800, driven by the bullish breakout from an inverted head and shoulder pattern and boosted by Binance’s new Pre-Market service
The inverted head and shoulder pattern indicates a bullish reversal. BNB’s breakout from the pattern’s neckline could drive its price towards $800
If BNB’s price falls below the retested trendline, it could regain bearish momentum, potentially pushing the asset back to $525.
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/will-bnb-price-800-binance-expands-pre-market-launch/
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