After Obtaining an FSP License in Abu Dhabi, Will Binance Coin Price Avoid a Drop?

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The exchange (Binance) received its Financial Services Permission (FSP) license from the Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) (ADGM). As long as the exchange abides by the FSRA’s rules and regulations, this will allow Binance to offer cryptocurrency services in the market.

If bullish sentiment increases, the price of BNB may rise enough to break through the nearby resistance zone between $280 and $285. The gain for traders from this move would be 15.88%, and this is probably where the upside is limited.

Key BNB to Watch – November 17

There has been a bullish scenario from June at $101.90 to November when BNB reached a significant high of $360.20. Binance Coin (BNB) has managed to hold out compared to Bitcoin and Ethereum.

After obtaining an FSP license in Abu Dhabi, will Binance Coin price avoid an 8% drop?

The market condition is bullish since there hasn’t been any break of market structure to the downside. Because of today’s news, the market sentiment for Binance Coin (BNB) appears bullish.

The Relative Strength Index (RSI) also signifies a price in an oversold condition. The market is expected to move above the Moving Average period of 20 to indicate a bullish move towards $360.0.

Binance Coin Key levels

Resistance level: $285.00 $360.00
Support level: $240.30 215.90

Total Market Capitalization: $53.60B
Binance Coin Market Capitalization: $42.88B
Binance Coin Volume: $868.79M
Market rank:5

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.