Binance Coin Price Prediction: Headwinds Remain Despite New Australian Trading Rules
The Binance Coin has appreciated slightly on Tuesday after the Binance exchange announced it would no longer offer derivatives trading to its Australian customers. By this ruling, Binance users in Australia can no longer trade options, futures or leveraged tokens on the exchange.
This new move is the latest in a series of actions taken by Binance to warm up to regulators across the world, after an unprecedented onslaught by regulators in at least 15 countries threatened sanctions on the exchange for carrying out unregulated financial services in the affected countries.
Users in Australia have 90 days to close their positions before the exchange forcibly winds them up. Users cannot take on new trade positions.
Binance Coin Price Prediction
The bounce on the 357.04 support could allow the bulls to push for a retest of 379.84. If this resistance barrier gives way, 400.01 comes into the picture. This new resistance stands between the bulls and additional upside targets at 433.83 and 450.60.
On the flip side, the rejection of the price at 379.84 could reinstate the corrective move, targeting 357.04 once more. If this support gives way, 333.89 becomes a new target. This move also brings 314.94 and 278.12 into the picture.