The announcement by the Binance exchange that it was to cooperate with the Dubai World Trade Centre Authority to create an industrial hub for global virtual assets generated some demand on the BNB/USDT pair this Wednesday. However, the demand was not enough to radically alter BNB price predictions.
The daily chart shows a slight uptick in the BNB/USDT pair, as it is up 0.42% as of writing. This adds to Tuesday’s modest 0.82% gain that keeps the pair above the ascending trendline that forms the currency support, just above 511.3.
The global virtual assets industrial hub will facilitate economic growth via digital innovation, which will entrench Dubai as the world’s virtual asset hub. Ultimately, crypto exchanges and distributed ledger technology companies will be able to become licensed to operate and innovate in Dubai.
The uptick of the day has maintained the integrity of the ascending trendline and the 511.3 support level. Bulls need to increase the momentum for the upswing towards the 558.1 barier to materialize. Above this level, 605.0 and 634.3 are additional price targets to the north.
On the other hand, a move towards 481.2 requires a breakdown of the 511.3 support and the ascending trendline. A further decline opens the door towards 450.9 and potentially 427.6, before 388.3 rounds off the near-term downside targets.
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This post was last modified on %s = human-readable time difference 14:23