Binance Acquisition Deal News Cheers Up Binance Coin (BNB)

Binance Coin (BNB) has broken through the descending resistance line, but has not recovered above the important horizontal resistance yet.. The success of the coin in this endeavor may determine its further trend Despite the prolonged crypto winter, the Binance cryptocurrency exchange turned out to be quite successful in 2022. The resonant collapse of its main rival, FTX, helped Binance substantially increase its market dominance. At the same time, the exchange showed a high interest in buying up the assets of less successful and bankrupt projects.. At the end of November last year, the exchange acquired a stake in the Japanese Sakura Exchange (SEBC). As media reported earlier this week, Binance is taking final steps in a deal to acquire one of South Korea's largest trading platforms, Gopax.. The deal demonstrates Binance's continued interest in the Asian market. BNB Price Rises in Response to Gopax News. BNB at a major crossroads BNB hit a high of $398.30 on Nov. 8, technical analysis shows, and has been falling along a descending resistance line since then. As a result, on December 17, the market reached a low of $220. After that, the coin bounced and formed a long lower wick (green icon), while testing the strength of the $222 level as support.. In the process of subsequent growth, Binance Coin made a bullish breakout of the descending resistance line on January 5th. However, despite this, the price has not yet been able to move above the $261 resistance area.. Its successful breakdown or a rebound from this line can determine the further direction of the trend.. In the first case, we can expect a price pump in the direction of $318, and in the second case, a fall and a retest of the $222 area. Source: TradingView Wave Analysis: Correction Complete Daily technical picture paints a mixed picture, but 6-hour timeframe looks more bullish. First, here BNB has probably completed the ABC correction it started in November. The ratio of waves A:C is 1:1, which is common among similar corrective structures. At the same time, the subsequent overlap (red line) suggests that the depreciation of the coin was not impulsive. Secondly, the price broke above the minor resistance area of $252, which has now become support.. BNB may test it again in the next 24 hours. There is also a line of ascending support, built from the levels of December 18. Until Binance coin closes below this support area, the outlook for it can be considered bullish. Source: TradingView Thus, the further direction of the trend will depend on whether the price makes a bullish breakout of the $261 resistance area or a bearish breakout below $252. The current price dynamics makes the first scenario more likely. Earlier, the editors of BeInCrypto collected the opinions of experts and their forecasts for the rates of Bitcoin, Ethereum and Ripple for 2023. Disclaimer All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only.. The reader is solely responsible for any actions taken by him on the basis of information received on our website.