Highlights
- BNB puts in a new all-time high today at $444
- The gains came on the back of developing fundamentals
Binance coin (BNB) rose by more than 2% intraday on Friday, as the price broke the previous highs of $424. At the time of writing, BNB witnessed a new all-time high today at $444, retaining its bullish momentum. The gains came on the back of developing fundamentals that are positive for the asset.
BNB is a utility token to pay for the fees on the Binance exchange, and for participation in token sales on the Binance Launchpad. BNB has a present market cap of $66.3 billion with a circulating supply of 154.5 million BNB.
The price increases seen for BNB token alludes to the fact that Binance users can pay the trading fees with their coin at a reduced cost. They can also stake BNB through the Binance Launchpool to earn rewards and participate in new listings. On April 8, the daily transactions on the Binance smart chain crossed the 4 millionth mark, attesting to the increased demand.
Txs on #BinanceSmartChain cross 4 Million
Source: https://t.co/XX7sdJ2nT8 pic.twitter.com/SNus47AUAU
— Binance Chain Community (@BinanceChain) April 8, 2021
The Binance ecosystem is also expanding as it recently launched new products like the Binance Pay and Binance Card. Binance burns a portion of its BNB treasury on the basis of the volumes with the next event slated for around April 15.
BNB Price Daily Chart: Bullish
Binance Coin (BNB) is continuing on the upside rally, creating new record intraday highs over the last five sessions. Today, BNB price hit the $444 level, remaining well above the moving averages of 50 and 200. The technical indicators are supposing a potential near-term correction as the RSI is developing in overbought areas. The RSI seems to be flattening above the 70 levels, suggesting a pause of the significant gaining period.
In the near term, any declines will see a support level forming at the $402 level. A breakdown below this could trigger further declines down to the support at $352 and $311 level. A drop below the MA 50 at $278 will however invalidate the upside bias.
At the press time, BNB Price action was climbing at $441. With the prices now rising higher, the upside gains are likely to continue until a significant barrier is met. BNB is now trading in an uncharted territory after new all-time highs were set, with no defined resistances above.
- Supply Levels: $550, $500, $450
- Demand Levels: $391, $353, $315
If the $444 level is well surmounted, BNB is now likely to continue to push towards the $450 level eventually. BNB/USD pair could then start the next leg of the uptrend that could take it to $500 and up to $550. Overall, the pair remains in an uptrend, and buying the dips is advisable.
