Binance is an ecosystem. Central to this vibrant network is the Binance Coin (BNB).
The coin primes Binance, drawing immense value from its network’s activity.
At first, the token was released as an ERC-20 token. Afterward, it evolved to be a coin powering the Binance Smart Chain (BSC).
Binance Coin (BNB) Market Performance and Price Status
However, the explosion of BNB coincided with the launch of the BSC. This is an alternative platform to Ethereum that’s energy-efficient, cheaper, and more scalable.
The BSC lived up to the expectation of the wider crypto community, attracting projects.
Since BNB is intertwined with BSC, used in paying gas and rewarding validators, the spike in its activity forced BNB prices higher, thrusting the project to third, only behind BTC and ETH, even flipping ADA.
At the time of press, BNB is steady, rising with the crypto tide. It is up 25 percent week-to-date versus the greenback, only steadying on the last trading day.
However, with the reversal of last week’s losses and the renewed confidence across the board, the path of least resistance seems defined to the upside.
Technically, BNB buyers are grinding higher with decent trading volumes.
The reversal at the 61.8 percent Fibonacci retracement level of the recent swing high low and the three-bar, high-volume bull reversal pattern injected momentum to BNB.
Furthermore, the confirmation of bulls in the early part of October steadied bulls. In that case, optimistic Binance coin traders are angling for a retest of $540—September highs– in the immediate term.
Even so, deeper losses below $380 might slow down buyers, allowing bears of September 2021 into the equation.
BNB Has Room for More Growth
The Binance coin price, according to one trader, is ripe for more growth in the days ahead.
However, from the 4HR chart, the trader remains cautious, saying the coin might drop and move sideways.
Most of this, he explains, depends on the performance of Bitcoin and ETH prices. He observes that BTC prices, especially, have been roaring higher, lifting altcoins.
Therefore, he remains cautious, expecting better entries with every contraction of BNB prices.
Per his projection, a close above the multi-week resistance level at $440 may open the ground for a lift-off towards $540 or better as we advance.
Binance Coin Liftoff To $500 And later $640
Meanwhile, from the performance in the daily chart, one trader on Trading View is optimistic about what lies ahead.
While BNB prices are edging higher, he predicted that bulls would thrust the coin towards $500 and later $640 in a buy trend continuation pattern.
Therefore, at spot rates, there are better offers for buyers angling to scoop the coin at a discount and enjoy the resulting buy trend resumption, mirroring those of the July to August 2021 stretch.
In the immediate term, the analyst expects BNB bulls to overcome stubborn liquidation levels in the short term before rallying to $500—a psychological round number and expected reaction point.
This is the same position held by another trader on Twitter. The trader notes that buyers are in charge following the revival of late September 2021.
— cryptocollege (@cryptocollege6) October 6, 2021
In a buy trend continuation pattern, a close above immediate resistance levels may lift BNB towards $500 and better in the short term.
Charts courtesy of Trading View
Disclosure: Opinion is that of the author. Do your own research.
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