Why Market is Bullish on Binance Coin

Binance Coin maintained its bullish momentum amid Changpeng Zhao’s release, increasing sales of non-fungible tokens, higher volumes on its decentralized exchanges, and solid technical indicators.

The news on Binance’s former CEO has sparked conjecture regarding possible effects on the cryptocurrency market, especially about Binance Coin (BNB), which has increased in value by nearly 7% over the past day.

Even though Zhao is no longer the CEO of Binance, some analysts believe his influence as an investor might help stabilize or even grow the cryptocurrency market.
BNB’s decentralized exchange saw a 52% increase in volume over the previous seven days, reaching $5.2 billion.

BNB has emerged as the third-biggest DEX blockchain, following Ethereum and Solana, which handled $8.45 billion and $6.53 billion in transactions, respectively.

A unique bullish chart pattern that could propel Binance Coin higher has formed. The price of BNB was close to its neckline on Friday.

BNB price may become unstoppable  if buying activity and market mood remain strong. It may therefore surpass $652, defying previous pessimistic estimates. The coin would probably rise above significant resistance levels with fresh purchasing momentum, indicating increased confidence.

Additionally, the altcoin has created a mild bullish flag pattern, a well-liked continuation indicator. It also continues to exceed the 50- and 100-day Exponential Moving Averages. Consequently, a break over the crucial resistance level at $615 would signal additional gains and post more upsides to its year-to-date high of $721, around a fifth above the current level.

ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.

Related Articles

VanEck’s Spot BNB ETF Sparks 42% Volume Surge—Is a Breakout Imminent?

3 weeks ago

Save

CZ Responds as BNB Excluded from U.S. Crypto Strategic Reserve

2 mo ago

Save

 BNB Generates More Fees Than Solana

2 mo ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments