In a significant move, Binance Exchange, operating through its Gulf subsidiary, has officially rolled out its digital asset exchange and brokerage platform, Binance TH, for the Thai public. The trading giant made this announcement through a recent X post, marking a new chapter in the availability of trading services for the Thai market.
According to a recent report, the move follows the approval granted by Thailand’s Ministry of Finance for Binance to operate as a digital asset exchange and broker in May 2023. Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude for the collaborative efforts with Thai regulators, emphasizing meticulous planning over the past year.
In November, Binance embarked on an invite-only testing phase, responding to the Ministry of Finance’s nod to operate in the country. The platform’s full-scale launch gives Thai users access to Binance’s cutting-edge digital asset services.
The market is closely monitoring Binance Coin’s (BNB) performance. BNB has entered a flag pattern, a technical signal indicating the possibility of a reversal. This pattern shows a minor pause between upward trend legs, suggesting the likelihood of further upward movement.
BNB is trading at $310.28, indicating a marginal decline of 2.02% in the last 24 hours. Technical analysis revealed that activating the bullish flag pattern could propel BNB’s price to breach the range high of $339.60. If successful, this move may lead to a subsequent climb of up to 30%, reaching $414.90, a level not seen since April 2022.
It’s worth noting that there are optimistic signs in the market. For instance, the Moving Average Convergence Divergence (MACD) shows a potential buy signal. The MACD line is moving up and is close to crossing over the signal line, indicating a strong bullish sentiment. The Relative Strength Index (RSI) is above 50, supporting the positive trend and highlighting the strong price momentum.
However, cautious investors are keeping an eye on potential profit-taking scenarios. Breaking and closing below $297.30 in a descending trend might invalidate the bullish thesis, leading to a possible 30% decline to $260.30. The RSI’s hint at a potential sell signal further raises awareness of a plausible shift in market dynamics.
As Binance cements its presence in Thailand, market watchers eagerly anticipate the platform’s success in the region. Simultaneously, they are closely examining the potential trajectory of BNB’s price movements in the coming weeks for insights into the cryptocurrency’s market behavior.
