BNB gains momentum as Binance wins operational license in Dubai

July 31, 2023 07:40 PM AEST | By Invezz

BNB gains momentum as Binance wins operational license in Dubai — Image source: Invezz

Dubai grants Binance oprational license

Binance’s statement revealed that it would offer financial services via its Dubai subsidiary, Binance FZE. Meanwhile, the exchange has become the first to receive the Minimum Viable Product license in the region.

Binance will use the license to serve approved retail and institutional investors in Dubai. Meanwhile, the exchange showed interest in the provisional MVP certificate in March 2022 and the preparatory MVP permit in September of the same year.

Binance promised qualified users a protected trading environment designed for the digital asset industry.

BNB price outlook

Cryptocurrency prices displayed minor actions over the last day, with Bitcoin hovering below the crucial $30K region. The bellwether digital asset gained 0.29% in the past 24 hours to trade at $29,384. Altcoins seem to mimic BTC’s moves.

Binance Coin price maintained upsides as updates of the exchange acquiring Dubai license renewed enthusiasm among market participants. The fourth-largest digital asset by market value has printed a bullish pattern, suggesting brief surges.

BNB’s head & shoulder pattern

The 4hr chart shows BNB broke out of a bullish reversal setup – head and shoulders pattern. The formation follows prolonged price declines. Meanwhile, it confirms that BNB buyers could dominate as sellers lose momentum.

Crypto players use the head and shoulder formation to identify possible market sentiment changes, allowing them to execute longs when the breakout surfaces.

BNB traded at $243.76 at press time, printing its 7-day and 24hr charts green. While the head & shoulders setup calls for trader patience, retesting the $242 support could open the path to $252. Further, overcoming the potential selling momentum at $245 would confirm BNB’s predicted upside target.

The post BNB gains momentum as Binance wins operational license in Dubai appeared first on Invezz.

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