- Binance Coin (BNB) surpasses Solana in Decentralized Exchange volume after its meme activities reached a significant level thanks to the newly launched token, Mubarak.
- According to analysts, BNB could hit $720 from the current level as it breaks out of a descending channel pattern.
Binance Coin (BNB) defies the ongoing market pullback as it “prints” a 4% gain on its 24-hour price chart, extending its weekly gains to 11% to trade at $633. According to our market data, the asset has recorded an improved 24-hour trading volume by 28% as $1.85 billion changes hands at press time. Fascinating, Coinglass data shows that BNB’s futures open interest is also moving in an upward trajectory as it surges by 10.72% to $875 million.
Technically, the BNB coin has broken out of a descending channel pattern in the 4-hour time frame. According to an analyst identified as “Pro Crypto Signals”, the asset could surge to $720 in the coming days if the price holds above the structure of the channel. In his analysis, Pro Crypto Signal highlighted that the asset would have to breach the crucial resistance level at $630 to set the stage for a major rally.
Amidst the ongoing rally, there has been an improved investors’ sentiment as meme coin activities reach a significant level on the Binance Smart Chain. This meme frenzy was led by Mubarak, a newly created coin which has surged by 67% in the last 24 hours.
Also, the Decentralized Exchange (DEX) volume on the Binance Smart Chain has reached a level higher than that of Solana. Specifically, the DEX trading volume on the BNB Chain has crossed $1.64 billion. According to reports, PancakeSwap recorded the highest trading volume to “cement” its dominance.
Other Factors Fueling BNB’s Rally
The ongoing BNB rally has been linked to the recent report by the Wall Street Journal that US President Donald Trump’s family has held a discussion to acquire a stake in Binance.US. However, the rumors have been dismissed by Binance founder Changpeng Zhao.
As detailed in our last new piece, the price could also be reacting to the recent reports that Abu Dhabi-based AI and advanced technology investor MGX has invested $2 billion in Binance. According to Binance CEO Richard Teng, this is a massive step towards building a more stable and sustainable ecosystem.
This investment by MGX is a significant milestone for the crypto industry and for Binance. Together, we are shaping the future of digital finance. Our goal is to build a more inclusive and sustainable ecosystem, with a strong focus on compliance, security, and user protection. Binance remains committed to working with regulators worldwide to establish transparent, responsible, and forward-thinking policies for the crypto industry.
Earlier, analyst Ali Martinez identified three key simple moving averages (SMA)—the 50, 100, and 200 SMA that are acting as a barrier between the current price and the $800 level. According to him, the 0.382 Fibonacci retracement level has existed as a historically significant resistance zone where the price usually stages reversals.
Prior to this, analyst Javon Marks predicted that the asset could hit $1,085.7. However, the asset would first have to breach the $750 level and subsequently secure the $800 zone. As mentioned in our previous news brief, BNB has also been tipped to hit $1,500 this year. Meanwhile, BNB Chain is expected to launch its Pascal hard fork on March 20, as highlighted in our recent update.
Credit: Source link
