Binance Coin (BNB) is currently trading at around $37 following some consolidation after a major rally upwards earlier in the week. Overall, price has increased almost 6% against the dollar since last week.
Although sellers were in control during early June, price hasn’t dropped substantially. On the contrary, price is now pushing up to new yearly highs, showing signs the market is still looking for more gains.
In addition, and despite the recent 7,000 BTC hack, Binance has been able to shake off any lasting impacts pretty easily. CZ was quite the gentleman when he took to Twitter to address the issue just a few hours after it happened.
Let’s take a look at the chart for BNB.
Last week, I said that if BNB is able to find new support around $30, we could soon see a run towards new highs well above $38, which eventually happened. Volumes also seem to be improving, which could mean we’re getting ready for a nice weekend pump.
Looking at the recent weekend data, I really see no other option than the rally continuing.
Current support can be found above the 20-day EMA between $32-$34, as buyers are clearly supporting that price level. The short-term trend seems to be bullish, so I would expect Binance to keep pushing upwards. After all, IEOs will be the next big thing in crypto – at least for the next year or so.
As BNB is the go-to coin for investment in crypto-seed companies within the exchange, I don’t see any reason for a drop soon.
Binance is currently the world’s second-largest cryptocurrency exchange, with around $6 billion in assets traded in an average seven-day period. Binance’s rise to the top has been swift. Since its launch in July 2017, Binance has grown at a rapid rate. Binance was one of the first exchanges to reactivate user registrations at the peak of the 2017 bull market.
Binance is also the name of a cryptocoin (BNB) traded and used on the Binance exchange. Since the ICO, the value of BNB has risen with the growth of the exchange. BNB is now among the top 10 cryptocurrencies in the world by market cap.
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