Binance Coin (BNB) Price Analysis: BNB Coin is up 35.2 Percent, Here’s Why

 

Latest Binance Coin News

In a sea of red, there is only one green. Not the USD but Binance Coin, BNB—an ERC-20 token. The coin is literally defying gravity and continues to be fueled partly because of the successful BitTorrent ICO but because of developments within Binance—the parent exchange. The super gains of the last three or four days has seen the coin gate crash into the top 10, flipping Bitcoin SV after surging 35.2 percent from last week’s close.

That’s not all, with a market capitalization of $1,197 million, it is closing the gap on Lumens–$1,413 million. Should it shrink then ADA will reclaim its position in the top 10 since it has a market cap of $1,140 million. A gap of $37 million and changing. A dig deeper and after BNB is pumping because of two key announcements from Binance.

Read: Nano Coin Holders Received Double Deposits at Binance

After the successful launch of BitTorrent where a massive $7.2 minutes were sold off Binance Launchpad, another project Fetch.io is interested on crowd funding. Powered by AI and founded on blockchain principles, the project incorporates a “multi-agent systems and decentralized ledger technology to create an economic internet — an environment where digital representatives of the economy’s moving parts (such as data, hardware, services, people and infrastructure) can get useful work done through effective introductions and predictions.”

Fetch, FET—an ERC20 token crowdfunding commence on Feb 25. It’s not rocket science that Binance Coin will benefit from FET demand—assuming crowdfunding is successful and would print higher rising up the liquidity rankings just like ETH did during the last bull run.

Also Read: Kraken Acquires Crypto Facilities in an Undisclosed “Nine-Figure Deal”

Aside from Fetch, Changpeng Zhao said the team is building and have released a “new version of Binance Chain testnet” with Ledger Support. Here’s the tweet:

BNB/BTC Price Analysis

At the back of increasing volumes—clear in the daily chart, BNB is trading within a clear bull breakout pattern. Breaking above Jan 27 highs was a high-volume bull bar of Feb 5—1.45 million versus 580k. While the path of least resistance has been set and there is participation, we expect a correction.

But marking this correction will be the failure of bulls to complement Feb 5 bulls by finding liquidation at 250k Satoshis. The level marks yesterday’s highs and if buyers breach this resistance with equally high volumes—preferably above 1.45 million, BNB will gain against the BTC and even retest the coin’s all-time highs of 265k Satoshis.

If not and there is a correction, risk-off traders ought to buy on every correction as long as prices are maintained above the 200-210 Satoshis mark—in a retest phase.

All Charts Courtesy of Trading View–Binance

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.