Binance Coin continues to hold a lot of promise of the various altcoins listed in the cryptocurrency market. Recently, the exchange that owns the Binance Coin launched an innovative product to enable its users to trade some US-listed stocks. Following the listing of Tesla stock tokens, Binance plans to add Apple, MicroStrategy and Microsoft to its list of stock tokens.
While this development may be popular for the thousands of traders on its platform, it does not appear to sit well with regulators.
Apparently, EU laws require that an exchange must prepare an investor prospectus before launching exchange-listed securities. German regulator BaFIN has warned Binance that it could face millions of dollars in fines if it did not address the situation before listing new tokens. Investors do not seem concerned by the situation and Binance Coin continues to attract significant demand.
The BNB/USD pair is up 4.7% on the day, as it looks to round off the week on a higher note.
Technical Outlook for BNB/USD
The price picture on the daily chart resembles that of an evolving double bottom pattern, whose neckline is currently undergoing a violation. A successful break of the neckline at 610.635 opens the door for a measured move that targets upside targets at 670.428 initially, on the way to the completion point around 720.00.
On the flip side, failure to complete the neckline break allows the pair to initiate a pullback move, which targets the 520.77 support (18/25 April high), with 479.94 and 414.18 serving as additional downside targets.