With a recent surge over the weekends, BNB price teases a double-bottom reversal within a broadening wedge. Adding fuel to the recovery, the PFAK license approval in Indonesia boosts the uptrend amid the looming Changpeng Zhao’s Release Date. Will this recovery sustain bullish momentum to hit $600? 

BNB Price Rebounds with Tokocrypto’s Regulatory Win and CZ’s Imminent Release

According to the Bureau of Prisons database, former Binance CEO Changpeng Zhao (CZ) is scheduled for release on September 29, 2024, from Long Beach RRM, a federal facility in San Pedro, California. CZ’s imminent release is expected to boost bullish sentiment surrounding the BNB price.

Tokocrypto, a sister subsidiary of the Binance group, has successfully secured the Physical Crypto Asset Trader (PFAK) license in Indonesia. As the subsidiary acquired the license from the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), a regulatory approval allows Tokocrypto to operate as a licensed physical crypto-asset trader. This marks a significant step in Indonesia’s commitment to regulatory compliance and investor protection.

With the PFAK license, Tokocrypto will continue to work on its long-term expansion plans and highlight its efforts to foster trust and transparency within Indonesia’s Web3 circle. 

Over the years, Tokocrypto has seen remarkable growth in 2024, with its user base surpassing 4.5 million. Additionally, the platform’s average monthly trading volume has increased by 138%, demonstrating rising investor confidence and consistent expansion.

Binance coin Price Eyes $720 Breakout amid Wedge Pattern Formation

The BNB shows a broadening wedge pattern in the daily chart pattern. The chart setup is characterized by two diverging trendlines, typically indicating an uncertain market sentiment.

Currently, the Binance coin price within the broadening wedge pattern is taking support at the $468 support. The dynamic support and $468 horizontal level bolster the formation of a bullish reversal pattern called a double bottom.

As BNB price attempts a bullish reversal, the MACD indicator shows the MACD and signal line on the verge of a bullish crossover. However, the 50-day and 200-day EMA is on the verge of a bearish crossover due to the previous bearish influence over the BNB price action.

Furthermore,  a 4-day recovery run since the weekend has uplifted the BNB price by 7.8% to trade at $505. The upside potential increases as the Binance coin asserts dominance over the $500 psychological mark. Amid double bottom formation, the buyers could attempt a $600 neckline breakout, followed by an extended $721.

Alternatively, a bearish reversal from the 200 days can result in a drop to $450, registering a 13% potential loss.

✓ Share:

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.