- The BNB/USD crypto is trading with a bullish bias at $468, scoring around 2.67% so far.
- The Binance price prediction is likely to remain bullish above the 456 support level.
- Forex trading participants may look for a buy trade above the $456 level to the target of $485.
The BNB/USD crypto is trading with a bullish bias at $468, scoring around 2.67% so far. The day before, the BNB/USD closed at $464.30 after placing a high of $477.10 and a low of $452.50. After declining for three consecutive sessions, BNB/USD reversed its course on Tuesday and tried to recover some of its previous daily losses. Now the question is, where to buy BNB? Let’s find out.
Binance introduced mandatory know-your-customer (KYC)
Before rising, BNB/USD dropped to its 9-day lowest level, but found support at the $452 level. As a result, it geared its stance towards the upside. Last week, the cryptocurrency exchange Binance introduced mandatory know-your-customer (KYC) requirements for all users to access its products and services, including deposits, trading, and withdrawal of cryptocurrencies.
The move came after a growing number of regulators worldwide started issuing warnings that Binance was operating illegally in their jurisdiction.
Binance announced that all new users would be required to complete Intermediate Verification to access Binance products and service offerings. The order was said to be effective immediately after the announcement. The exchange stated that Binance reviews its products and services on an ongoing basis to determine charges and improvements in light of evolving global compliance standards. Furthermore, this move enhanced user protection and provided a safe crypto environment for everyone.
Financial Conduct Authority (FCA) Remark Underpins BNB/USD
After the additional requirements of KYC, the United Kingdom financial watchdog, the Financial Conduct Authority (FCA), said that Binance Markets Limited, the branch of the global cryptocurrency exchange, has now complied with the set regulatory requirements.
In June, the FCA issued a warning to Binance Markets and Binance Group and later imposed restrictions on operations in the UK. After this new KYC requirement, the Binance coin saw a sudden jump in its prices during last week.
However, the latest sell-off in the cryptocurrency market driven by the leading cryptocurrency Bitcoin added pressure on BNB/USD. This dragged its prices downwards during the early trading sessions this week. On Tuesday, the cryptocurrency reversed its course and saw a surge in prices after the US dollar came under pressure.
The US Dollar Index fell to its lowest level in 18 days at 92.40 amid rising concerns about the NFP data release this week. The greenback was already under pressure from the dovish remarks from Fed Chair Jerome Powell at the Jackson Hole symposium. The weakness of the US dollar added further upside momentum to BNB/USD as both have a negative correlation.
Binance Price Prediction – Daily Technical Levels
Support Resistance
452.16 476.76
440.03 489.23
427.56 501.36
Pivot Point: 464.63
Binance Price Prediction – Where to buy now BNB?
The Binance price prediction is likely to remain bullish above the 456 support level. On the 4-hourly chart, the BNB/USD pair faces trouble disrupting and crossing over the 485 resistance level. A double top pattern and the 50 days EMA are extending resistance here.
The $485 resistance level breakout could lead the BNB/USD pair towards the $496 and $515 levels on the bullish side. In contrast, the bearish breakout of the $456 level could open additional room for selling until the $437 and $423 levels.
Looking at the Oscillator indicators such as the Stochastic RSI, its value is held above 50 in the buy zone. Therefore, bulls are likely to take control above the 456 support level. On the 4-hourly chart, the 50 day EMA (Exponential Moving Average – Red Line) stays at the $485 level. Thus, the BNB has the chance of a bullish trend continuing until the $485 level.
The forex trading participants may look for a buy trade above the $456 level to the target of $485. Alternatively, selling can be seen below the $50 breakout with a target of $435. All the best..
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