Strong Bullish Momentum in Binance Coin (BNB) After the Breakout Higher
Binance coin seems like one of the most bullish cryptos right now
The Binance coin, which is the native token of the Binance crypto exchange, has been under pressure in recent months, as the crackdown on cryptocurrencies hurt the sentiment in the crypto market immensely, pulling BNB down with it. But that was not all Binance had to endure, as the war spilled over into the Binance exchange itself, with some countries banning it while others increased the requests for compliance, in order to make it as difficult as possible for Binance to operate.
So, Binance has been under pressure from all sides, and it has been receiving increasing regulatory scrutiny from the banking establishment. But, the company has recently begun to seek more compliance with financial regulators, which is a positive thing for the Binance coin.
Binance coin broke above the resistance at $430 last week
Besides that, traders and investors are feeling better about the prospects of a new beginning now, since the company behind Binance coin has appointed Richard Teng as CEO of Binance Singapore. Binance coin was introduced as a means of payment of fees in the Binance exchange, so the decline in crypto transactions during the previous few months, since the crash, really hurt this cryptocurrency.
But, BNB coin has recovered well, and now it seems to be on the way to reaching the previous highs. The sentiment in the crypto market has improved, and Binance won’t disappear due to the war on cryptos. Now, everything is pointing straight up for Binance coin, especially with the deflationary nature of its supply base. Binance uses its profits to burn Binance coins every quarter, with over $390 million BNB tokens having been burned in Q2 2021. This is similar to companies buying back stock.
Binance Coin Live Chart
Binance has turned quite bullish in the last month, although there was an indication of this even during the bearish period in the crypto market, since many other cryptos were making lower lows. Now, Binance coin has pushed above the resistance level at $430, rising even further to above $500 yesterday. BNB/USD looks really bullish now, and seems on course to reach the previous high at $683, so we will try to buy a pullback in Binance, down at the previous resistance, which should turn into support if a pullback takes place.
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