During the U.S. trading session on Wednesday, the price of BNB experienced a 1.45% decline, reflecting a broader market downturn. Despite this bearish trend, the retest of a key resistance breakout suggests the potential for a further upward movement. Binance users can now take advantage of the newly launched Pre-Market service to trade tokens before they are officially listed on the spot market.
Binance recently unveiled its Pre-Market service on September 25, 2024, allowing users to access tokens prior to their official spot market listing. This collaborative effort between Binance Spot and Binance Launchpool enables users to either divest their proceeds from Launchpool reward trades or acquire assets before their official listing on the spot market.
The benefits of the Pre-Market service include early market entry opportunities for users to buy or sell tokens before the official spot listing, integration with Binance Launchpool for subscribers to capitalize on early market movements, and assurance from Binance that users will only incur standard spot trading fees.
While the service is now live, the first official Pre-Market project will be announced separately, which could potentially boost user activity and transaction volume on the Binance exchange, ultimately positively impacting the price of BNB.
The recent price action of BNB has seen a significant recovery, signaling a major reversal with the formation of an inverted head and shoulder pattern. The breakout from the pattern’s neckline resistance at $600 on September 23rd indicates a bullish momentum. The asset’s ability to sustain above the breached trendline post-retest could potentially drive a 34% surge to reach the $800 mark.
Additional factors such as a bullish crossover between the 50-and-100-day EMA and the forthcoming release of former Binance CEO Changpeng Zhao further support the positive outlook for BNB. However, a failure to sustain above the trendline could lead to bearish momentum pushing the asset back to $525.
For more in-depth analysis, you can refer to the article on top crypto exchanges.