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.
BNB/USDT – 1d Chart
On the contrary, if the retest falls below the trendline, the sellers could recuperate the bearish momentum and push the asset back to $525.
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