BNB, the native cryptocurrency of the Binance exchange surged 1.2% during Wednesday’s trading session to reach the $557 value. The uptick can be attributed to lower-than-expected U.S. CPI data and major investment from Abu Dhabi’s MGX Fund Management. The Binance coin shows reversal potential amid a bullish chart pattern.
Key Highlights:
- The BNB price reversal from within the wedge pattern sets a potential rally of 50%
- A rising wedge pattern drives a sustained recovery in Binance coin.
- MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake.
Whale Selling Pressure Declines, Supporting Market Rebound
MGX, an Abu Dhabi sovereign wealth fund, has invested $2 billion in Binance for a minority stake. The transaction, notably conducted entirely in crypto (stablecoins), stands as the largest investment transaction in the crypto industry to date.
This deal also marks Binance’s first institutional investment, signaling a significant step toward mainstream institutional adoption of cryptocurrencies. The infusion of capital could bolster Binance’s expansion plans and reinforce confidence in the exchange amid an evolving regulatory landscape.
BNB Price Sets Major Reversal Within Wedge Pattern
In the last two days, the BNB price surged from $507 low to $559 current trading value, registering a $10.3. This upswing initiates a bullish reversal from the long-coming support trendline of the rising wedge pattern.
The chart setup drives a sustained recovery between two converging trendlines which provides the asset with dynamic resistance and support. Historical data shows the previous reversals from this support have uplifted BNB price from 46% to 148%.
Thus, if the pattern holds true, the current reversals could be over 50% to challenge the channel’s resistance trendline at $840. An upside breakout from overhead resistance is crucial drive next bull run.
On the contrary, a breakdown below the bottom trendline will invalidate the bullish thesis.
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