BNB Price Surges 49% as Binance Launches One-Click Buy in Africa

BNB Price Retraces after Rallying on Binance Announcment

BNB price rallied 49% between Aug 5 and Aug 23, propelled partly by the news of Binance expanding its One Click Buy and Sell (OCBS) service to Africa. This initiative could enhance financial inclusion, particularly for the unbanked and underbanked populations.

Binance Expands Services in Africa, Boosting Crypto Accessibility

Cryptocurrency exchange Binance announced the launch of its One Click Buy and Sell (OCBS) feature in Africa last week, enabling users in Ghana, Tanzania, Uganda, and Zambia to buy and sell cryptocurrencies via mobile money accounts.

Binance stated:

With the launch of our OCBS feature, users can now easily purchase crypto assets and sell assets directly from their mobile money accounts.

“The integration of mobile money into our global fiat on-ramp/off-ramp offering, developed in partnership with Transfi, marks a significant milestone in our efforts to simplify and broaden access to digital assets,” Binance detailed.

The crypto platform emphasized its commitment to security, implementing strict Know Your Customer (KYC) protocols and other protective measures to safeguard users’ assets and comply with regulatory standards.

This initiative is particularly aimed at increasing financial inclusion for the unbanked and underbanked populations in Africa, aligning with Binance’s mission to increase financial freedom globally. The global crypto exchange explained:

This expansion is a crucial step in our ongoing mission to democratize access to cryptocurrency and financial services. We believe that by integrating mobile money into our platform, we can support financial inclusion and allow more people to participate in the digital economy.

BNB Price Failed to Reclaim $600 after Binance Announcement

BNB is the native token that underpins the Binance exchange and the BNBChain  blockchain network. With utility ranging from staking, to trading fee discounts and other perks, BNB’s price action remains closely linked to the fortunes of the world’s largest Crypto exchange.

Unsurprisingly, after the latest Binance announcement, BNB price surged towards $600 mark on August 23, bringing its 14-day gains to 49%. However, the bears managed to repel the rally and mount fierce resistance to prevent a successful breakout $600 territory.

Looking at the BNBUSD daily price chart above, BNB price peaked at the $597 on Aug 23. While the likes of BTC and ETH enter significant gains over the weekend, breaking above $64,000 and $2,700 respectively, BNB price has been stuck in a downtrend since rejecting at the $600 resistance last Friday.

At the time of writing on Thursday, Aug 28, BNB price is trading at $553 area having  retraced 15% from last week’s top.

However, in terms of price projection for the week ahead, technical indicators suggest that BNB is likely to snap out of the downtrend any moment and mirror the broader crypto market upswing.

BNB Price Forecast: $600 Resistance Could Cave

BNB has seen a significant 15% retracement from last week’s peak of $597, retreating to the $532 level. Despite this decline, technical indicators suggest that bulls may defend the crucial $500 support level, potentially setting the stage for a recovery.

The Bollinger Bands indicate that BNB’s price is currently hovering near the lower band, a zone that often signals oversold conditions. Historically, BNB tends to bounce back when it approaches this lower band, suggesting a potential support level around $500.

If bulls manage to maintain the price above this level, we could see a rebound toward the middle band, which sits around $545. Beyond this, the upper band near $597 serves as a key resistance point that BNB must break to confirm a bullish trend reversal.

Meanwhile, the Relative Strength Index (RSI) stands at 45.31, just above the oversold threshold of 40. This reading implies that the bearish momentum may be weakening, with selling pressure potentially exhausting. If the RSI moves higher from its current level, it could signal renewed buying interest, propelling BNB toward the $545 mark in the short term.

In conclusion, while BNB has faced a notable correction, the $500 support level appears strong, supported by the Bollinger Bands and RSI indicators. Should the bulls maintain control, we might witness a recovery targeting the $545 level first, with the $597 resistance as a longer-term goal.