Binance Cash Underpinned at $550 – A Quick Daily Outlook - Forex News by FX Leaders
The bullish trend in Binance is picking up further pace

Binance Cash Underpinned at $550 – A Quick Daily Outlook

Posted Thursday, November 4, 2021 by
Arslan Butt • 2 min read

During Thursday’s Asian trading session, the BNB/USD pair successfully extended its upward rally of the previous session and drew some further bids around the $557.00 level. The coin has been gaining positive traction since the week started. The reason for its sudden rise could be linked to recent reports claiming that the Binance Smart Chain (BSC) has exceeded 1.5 billion total transactions.

Binance Cash Live Rate

BNB/USD

The price of Binance Coin seemed to jump in response to the heightened attention, as the network reached this milestone in just 14 months. In contrast, as evidenced by recent drops in the price of BTC, the negative wave in the crypto market was considered one of the primary factors limiting further rises in the BNB currency.

Currently, the BNB/USD pair is trading near the 557.41 level, with a trading volume of $2,388,682,351 USD in 24 hours. Binance Coin has gone up 1.37% in the last 24 hours. The current market ranking is #3, with a live market cap of $92,968,439,042. There are 166,801,148 BNB coins in circulation, and a maximum supply of 166,801,148 BNB coins.

The purchasing bias surrounding the broad-based US dollar, on the other hand, was considered as one of the primary factors that held any additional gains in the BNB/USD pair at bay. The greenback extended its bullish rise of early in the day, rising significantly against its major counterparts, as Treasury yields increased. The US Dollar Index has risen by 0.15 percent, and the focus is now shifting to Friday’s US nonfarm payrolls report, for new direction.

Binance Launchpool and Launchpad projects

For starters, Binance Launchpool and Launchpad projects are expected to perform well in the coming months. Consider Coin98, the world’s largest cross-chain wallet. It has a large user base in Southeast Asia and debuted on the Binance launchpad with a market cap of around $4 billion. According to other estimates, DeFi activity on Binance Smart Chain has climbed 487 percent since 2020, highlighting both BSC’s and BNB’s growth. Daily active addresses for BNB, on the other hand, remained at somewhat higher levels. After hitting an ATH on October 29, DAA was still at 87.8K on November 1.

Nonetheless, with developments like BSC’s GameFi sector generating much attention as users from Southeast Asia, which continues to fuel the crypto gaming business, it appears that an ATH for BNB isn’t too far away. Binance Coin, on the other hand, only needs a push from the retail side. This has resulted in BNB’s price growing in tandem with its growth; a breakout over the $550 level would signal a rally to new ATHs.

Binance Cash Underpinned at $550 – Technical Outlook

On the technical side, the BNB/USD is supported at the $550 level, facing immediate resistance at the $570 level. On the higher side, a bullish breakout at $570 could expose the BNB/USD to the next resistance level of $589. On the bearish side, a breakout at the $550 support level could trigger a selling trend until the $536 support level. Further to the downside, the next support will prevail at the $511 level. Let’s consider staying bullish above the $550 level today and vice versa. Good luck!

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