Although Bitcoin has seen a sharp drop, the price of Binance Coin (BNB) has shown a very strong trend and has not been dragged down with Bitcoin.
After hitting a high of $ 333.71 on February 19, BNB has been trading sideways most of the time. On April 6, the cryptocurrency set a new record of $ 422.08.
During this bull market, BNB has risen at a staggering rate. From the beginning of February until now, BNB has risen by more than 750%, going from lows of $ 45 to $ 400.
The staggering rise in BNB is mainly due to the growing popularity of Binance’s blockchain – Binance Smart Chain (BSC).
Due to the high gas fees on the Ethereum network, the cost to DeFi merchants and users to transact on Ethereum is quite expensive. In many cases, the cost of the transaction is higher than the amount of the transaction itself, prompting merchants and some Defi protocols to migrate to BSC or create cross-chain support.
Binance Coin (BNB) Price Analysis
Source: BNB / USD Daily via TradingView
Binance Coin (BNB) was originally developed as a discount token for the Binance Network and has grown to become the third largest digital asset.
BNB is currently in a strong uptrend. The bulls are trying to push the price back to the previous breakout level of $ 400. At the time of writing, BNB is trading at $ 400.88.
The rising moving average and the bullish MACD index show that the bulls are in firm control. And looking at BNB’s trading volume, today’s trading volume is higher than yesterday’s and there is a high probability that it will exceed April 6’s trading volume. This indicates that the bulls are very strong and that a new all-time high will be reached soon. on the horizon for BNB.
If the buyer can turn the $ 422.08 to a support level, then the BNB / USD currency pair can begin the next phase of an uptrend, targeting the $ 500 level.
On the other hand, if the price fails to break the resistance level of $ 422.08, it indicates that more investors have not entered the market, and BNB / USD will fall to the support level of $ 333.71. But this level of support is not strong. If a large number of sell orders are triggered, then BNB / USD will likely retest the 20-day exponential moving average of $ 321.40, its next support level if BNB fails to hold above $ 333.71.
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