• Tue. Jul 16th, 2024

What’s the bullish case for BNB as token initiates recovery?

  • Binance has announced a string of developments in a bid for global expansion

  • BNB is recovering amid positive development

  • The upside looks sustainable, but BNB faces resistance at $300

Binance BNB/USD trades at $291, recovering from the September bottom of $260. As of press time, BNB had gained 2.12% in a day amid small recoveries in the broader crypto sector. The gains come when Binance is scoring major wins in global expansion.

On September 28, Binance signed an agreement with Kazakhstan for the shared development of the crypto sector in the country. According to Kazakhstan president Kassym-Jomart Tokayev, Binance will create a “hub for the entire region.” The latest development comes after Binance was, in August, authorized to operate in the country. Kazakhstan remains a key crypto market, coming second in bitcoin mining hash rate after the US.

On October 3, Binance again opened two new offices in Brazil. The move is expected to expand the crypto exchange’s footprint in South America. The exchange recently unveiled a new office in New Zealand and eyes expansion in Italy, France, and Spain.

While we cannot ascertain whether the latest developments are responsible for BNB gains, they add a positive sentiment. A brief technical overview shows the price rally could continue, at least in the short term.

BNB recovers from the $260 support

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Source – TradingView

A technical outlook shows that BNB has initiated a breakout from a descending triangle. The bullish reversal occurred as the price settled at the $260 support. From the MACD indicator, the momentum is bullish and increasing. 

Concluding thoughts

BNB looks poised for further gains after a breakout. However, $300 resistance remains a key level to watch. The cryptocurrency must overcome the resistance to find room for the next move to $330.

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