- The Binance Coin is now at parity with Bitcoin, as the majority of altcoins are playing catch up.
- Binance’s full license to operate in Dubai is a positive factor that will also affect the market.
- BNB may break out of consolidation, if Bitcoin shows strength. A decisive move above $566.20 would be a great entry.
Binance Coin’s (BNB), price, rose 5% on Thursday to match the Bitcoin price (BTC). Altcoins like Solana(SOL) or Avalanche(AVAX), which showed strength and were a rarity in the community, became outliers.
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Binance flourishes in Dubai, BNB soars
BNB’s price was boosted by a positive development regarding Binance Exchange’s expansion plans in United Arab Emirates. According to recent reports, Binance Exchange has obtained a regulatory license for Dubai.
Binance FZE, the Dubai-based subsidiary of Binance FZE global cryptocurrency exchange has secured this license. According to an Official announcement Binance has received a Virtual Asset Service Provider license (VASP), issued by Dubai’s Virtual Assets Regulatory Authority.
Binance Exchange has won a number of significant awards in the area, but this isn’t the first. Binance Exchange was awarded the MVP license on July 20, 2023. This is a step up (MVP to VSPS) that gives the green light to expand product reach into the retail market. It is a great way to add to the progress the platform already has made in operating within the region.
Alex Chehade, Binance FZE’s General Manager, commented on this development.
It is an important milestone which validates our dedication to provide secure, compliant and high-quality services for our global users. This milestone confirms Dubai as an innovative city that embraces and acknowledges the potential of blockchain technology.
This report was released on the final day of Token2049, a global two-day conference for the crypto- and blockchain-industry, which brought together decision makers to exchange ideas, connect and help shape the future. Binance CEO Richard Teng was among the industry leaders who attended to explore global crypto regulations and their personal and collective visions for the industry’s future.
It is important to remember that, while this news has a positive fundamental impact on BNB, whether the price of Bitcoin continues its upward trend will determine the future direction. This is not all The following are some examples of how to use the word “correlation”:The hard fork of April 17, Tycho, has also been a factor in the price increase for Binance coin.
It is important to note that this upgrade was done on the Testnet. Around mid-June, the Tycho upgrade’s mainnet pace will be set.
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Binance Exchange takes Dubai as it expands its BNB exchange
BNB’s price has fallen to a lower part of its range and is now facing immediate resistance from the Simple Moving Average 50 days (SMA), $544.20. Relative Strength Index is moving north with a growing bullish trend.
BNB will likely follow Bitcoin in price if it continues to rise. The 50% Fibonacci placeholder at $566.20 could be used as support, allowing the price of BNB to move from resistance into support. This would attract more bulls and the buyer momentum that follows could propel Binance Coin to $600.80.
A decisive Candlestick Close above this level confirms the continuation of intermediate trend. BNB will reclaim $645.20 high range, which is a rise of almost 20% over current levels.
Chart for BNB/USDT 1 day
The bears are still in control, as the RSI is still below 50 and the Awesome Oscillator(AO) remains negative. BNB could fall back. Binance Coin may drop to $537.10 or, in the worst case scenario, offer another opportunity for buying around $500.00.
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