Binance’s expansion plans have failed to revive Binance Coin (BNB), bullish pattern is the only hope

[Binance expansion plan failed to revitalize Binance Coin (BNB), bullish pattern is the only hope]
Binance, one of the world’s leading cryptocurrency exchanges, continues to navigate legal complexities as it expands its trading services. Recently, the company has faced significant scrutiny, including a legal challenge in Nigeria.

In May, Binance’s head of compliance in Nigeria was detained, a move the company clarified would not affect its decision-making power. The development comes amid wider regulatory pressure, particularly regarding its global operations and compliance standards.

Despite these challenges, Binance continues to enhance its service offerings. On May 28, the exchange announced the launch of new trading pairs on its platform, aimed at meeting the growing demand for cryptocurrency trading in different regions.

On the other hand, the price of Binance Coin (BNB) has not been performing well recently. The coin’s price has fallen by nearly 5% since May 22 and reached a daily low of nearly $596 on May 29. However, the coin has some bullish technical indicators that may attract buyers to the market.

Expansion of trading pairs and services

On May 29, Binance announced plans to open several new trading pairs, including BTC/MXN, XRP/MXN, ENS/USDC, and LDO/USDC. This expansion is part of Binance’s ongoing efforts to diversify trading options and improve the overall trading experience on its platform.

The decision to list the Mexican Peso (MXN) trading pair reflects the growing adoption of cryptocurrencies in Latin America, particularly in Mexico, where demand for digital assets is rising.

In addition to the new trading pairs, Binance will also enable trading bot services for these trading pairs. The service allows users to automate their trading strategies, potentially improving trading efficiency and effectiveness.

However, Binance has made it clear that residents of some regions, including Canada, Cuba, Iran, and the United States, will not be able to trade these new spot trading pairs. This restriction highlights the regulatory challenges Binance faces in expanding its global influence.

BNB price has formed a bullish technical pattern known as an “ascending triangle” but it will require buyer effort to breakout and confirm the pattern.

Historically, a horizontal trendline connecting swing highs and an uptrend line connecting swing lows have formed an ascending triangle pattern. Additionally, volume helps determine the strength of the breakout. In ideal conditions, buyers will enter the market when the trendlines are narrowing.

Therefore, the coin price will be above the horizontal resistance line accompanied by heavy trading.

According to the rules of technical analysis, the price target of the breakout is equal to the height of the triangle at its widest point. If this bullish pattern holds, the price of BNB will theoretically reach a price target of nearly $802, an increase of 34% from current levels.

Meanwhile, BNB’s token price action has been largely sideways since May 23, suggesting that market participants are waiting for big moves in either direction before entering the market.

If the coin starts to rise following Binance’s expansion efforts, the price of BNB will face resistance at the 0.618 FIB Retracement level near $626 and the 0.786 FIB level near $661. On the other hand, a decline from here will drop the price of BNB to the 50-day EMA (purple wave) support near $576.

The failure of the immediate support might force the coin to test support near $545 before recovering.

The RSI remains neutral on the daily chart with a score of 53.21.