BNB Eyes Major U.S. Expansion as Coinbase Confirms Listing Roadmap
Binance Coin (BNB) is trading above $1,140 right now, which is about 3% less than it was 24 hours ago. The cryptocurrency market is still
Quick overview
- Binance Coin (BNB) is currently trading at $1,140, down 3% from 24 hours ago, amid significant news of its listing on Coinbase.
- The inclusion of BNB on Coinbase could potentially expose it to over 105 million U.S. investors, enhancing its market presence.
- Technical analysis indicates BNB is forming an ascending triangle pattern, with a potential breakout target of $1,650 if positive momentum returns.
- Multiple price scenarios suggest BNB could either drop to $1,000 or rise to $3,000 depending on market conditions and investor demand.
Binance Coin BNB/USD is trading above $1,140 right now, which is about 3% less than it was 24 hours ago. The cryptocurrency market is still processing big news that could change the token’s path: Coinbase has officially accepted BNB to its list of coins, which could give access to more than 105 million U.S.-based investors.
This news comes after a heated debate on social media regarding how exchanges list coins that started earlier this week. CJ Hetherington, the CEO of Limitless Labs, caused a stir when he said that Binance needed a $2 million BNB security deposit (about $2.3 billion at current rates) for spot listings. Coinbase, on the other hand, concentrated on “building something meaningful on Base.” Jesse Pollak, who is in charge of Coinbase’s Base, said in public that “it should cost 0% to be listed on an exchange” because of the accusations.
Binance first responded with a now-deleted article threatening to sue, calling the charges “false and defamatory” and saying that it doesn’t levy listing fees. The exchange later said it was sorry for its “excessive” way of communicating, but it still stood by its position on the substance of the disagreement.
Strategic Implications of BNB’s U.S. Market Entry
The inclusion on Coinbase is a big deal for BNB, which is presently the third-largest cryptocurrency with a market valuation of almost $160 billion. Coinbase’s recent adoption of BNB after Kraken’s shows that more institutions are accepting Binance’s native coin, even if there have been competitive conflicts between the two platforms in the past.
Changpeng “CZ” Zhao, the former CEO of Binance, hailed Coinbase’s decision and told the exchange to “list more BNB Chain projects.” As of June 2024, he was said to have controlled 64% of BNB’s circulating supply. CZ said that “not listing it is a loss for the exchange themselves,” pointing to BNB’s strong liquidity, trading volume, and engagement in its ecosystem.
The timing seems to be planned. In the last 30 days, Binance Smart Chain has handled more than 500 million transactions, which is an amazing 151% growth from the previous month. Analysts say that this spike is mostly due to a flourishing market for local meme coins, which has created a “supercycle” moment for the Binance ecosystem.
BNB/USD Technical Analysis: Ascending Triangle Pattern Holds Key to Upside
From a technical point of view, BNB is going through a 15-month ascending triangular pattern that could affect its medium-term direction. The pattern points to a possible breakthrough goal of $1,650, which is around 45% higher than where it is now.
But momentum indicators show a mix of things. The MACD histogram shows a widening gap below the signal line, which means that there is still pressure to go down after last week’s bigger market decline. The Relative Strength Index (RSI) has also set a higher low above its signal line, which is a good sign that buying pressure is still strong at current support levels.
If positive momentum can come back, possibly because of the Coinbase listing, the $1,650 breakthrough goal might be reached. This could lead to new all-time highs during a price discovery phase. If the price breaks above the current resistance level, it will confirm the ascending triangle pattern and probably start algorithmic buy orders.
BNB Price Prediction: Multiple Scenarios Based on Market Conditions
- Base Case (Conservative): If the current technical setup doesn’t hold and the market stays sluggish, BNB might hit psychological support around $1,000 again, which would be about 12% lower. This level has historically been a solid support level, and long-term investors would probably want to buy more at this level.
- Bull Case (Moderate): A successful pattern breakout and the momentum of the Coinbase IPO might push BNB to the technical target of $1,650 by early 2026, which would be a gain of more than 40%. In this case, the economy is stable and activity on the Binance Smart Chain keeps growing.
- Extended Bull Case (Optimistic): If demand stays high, as if U.S. interest rates are cut and investors keep moving their money into crypto assets, BNB may rise to $3,000, which would be a 150%+ gain. In this case, the meme coin market would need to keep going strong and the altcoin season would need to keep going strong.
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