The Binance coin (BNB) price is defying gravity, ripping higher pumped by encouraging fundamentals initiated by the world’s leading cryptocurrency exchange.
As of writing on Feb 10, the BNB price is up 50 percent on the last day, pushing weekly gains to over 180 percent. The exponential rise of the BNB/USD price means the coin is now at seventh, with a higher valuation than Cardano and Chainlink–projects that are dominant in their respective categories.
Following the surge, the BNB coin is posting gains versus ETH and BTC, adding triple digits week-to-date. The coin might extend gains versus market leaders at this pace, pushing its market cap to the top-3.
The rupturing BNB price action is further propelled by increasing market interest. On the last day alone, BNB trading volumes are up 130 percent, fueling demand and pushing prices to new all-time highs.
Binance Coin (BNB) Price Overview
The BNB/USDT path of least resistance is upwards, judging from candlestick arrangement and trader interest.
The 4-HR chart shows that immediate support and resistance level are between $100 and $172, based on the Fibonacci extension of last week’s trade range.
Notably, the BNB/USDT price is trading within a bullish breakout pattern. On the lower end, the second level of support is at last week’s high of $77.
If prices trend higher, the BNB rally’s pace depends on the strength of the breakout above $140. A high-volume surge opens the exchange coin to $170 or better in the days ahead.
Altogether, traders are upbeat, pouring funds to the digital asset as seen from the last day’s average trading volumes.
Binance Coin (BNB) Market Movers
Binance is the world’s largest cryptocurrency exchange by account count. Its ecosystem comprises the recently launched Binance Pay, the Launchpad for IEOs, CeFi, and further smart contracting interests via Binance Smart Chain (BSC).
The BSC is looking to topple Ethereum as a leading smart contracting platform. Projects are launching on the protocol. On Feb 9, it generated more than $300k in fees.
Binance Smart Chain generated more than $300k in fees yesterday, which is roughly 1% of ETH. Crazy growth in recent days though pic.twitter.com/AqnV6idbpj
— Larry Cermak (@lawmaster) February 10, 2021
The spike in fees shows interest since it is 49X cheaper to transact on protocol via services like the Binance DEX.
Harvest Finance also plans to integrate into BSC.
The harvest collective is hiring two @binance smart chain developers to add Harvest to the Binance Smart Chain.
— Harvest Finance (@harvest_finance) February 10, 2021
BSC flipped Ethereum in daily transaction volumes:
— CZ 🔶 Binance (@cz_binance) February 10, 2021
Binance Pay competes with PayPal in allowing crypto expenditure beyond buy and HODL. The solution is now part of Travala—a hotel booking platform that supports cryptocurrencies.
Binance Coin (BNB) Price Prediction
The BNB/USDT trend is bullish, adding 50 percent on the last day.
Significantly, it is trading within a bullish breakout pattern, surging above last week’s highs of $77.
On the lower end, the first support levels are at $135 and $100, respectively. These are the 2.618 and 1.618 Fibonacci extension levels based on last week’s bull bar.
The immediate target is $172, the 3.618 Fibonacci extension level of last week’s trade range.
Note that trading volumes are rising. Accordingly, bull bars are banding along the upper BB, suggesting demand in lower time frames.
Based on the candlestick arrangement in the 4-HR chart, every low may provide an opportunity for traders to load up. The immediate target is at $172, as aforementioned.
Read our BNB price prediction 2021 article if you’re interested in long-term investing in the token.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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