Binance Coin maintained its bullish momentum amid Changpeng Zhao's release, increasing sales of non-fungible tokens, higher volumes on its decentralized exchanges, and solid technical indicators.
Binance Coin (BNB) price soared on Friday, March 11, as Changpeng ‘CZ’ Zhao stepped down from his role as CEO of Binance. The BNB price showed no signs of slowing down, despite the bearish trend in the cryptocurrency market.
BNB price surged nearly 7% on Friday, March 11, as CZ announced his decision to step down from his role as CEO of Binance. However, CZ will remain an investor in the cryptocurrency exchange.
Some analysts believe that CZ’s continued involvement in the cryptocurrency market could help stabilize or even grow the market. This optimism may have contributed to the rally in BNB price.
BNB’s decentralized exchange saw a 52% increase in volume over the past seven days, reaching $5.2 billion. BNB became the third-largest DEX blockchain after Ethereum, which handled $8.45 billion in transactions, and Solana, which handled $6.53 billion.
Binance Coin (BNB) price formed a unique bullish chart pattern that could propel the coin higher. BNB price was approaching the neckline of the pattern on Friday.
If buying activity and market sentiment remain strong, BNB price could become unstoppable. It may then surpass $652, defying previous bearish predictions. With strong buying momentum, the coin is likely to break past key resistance levels, indicating greater confidence in the market.
Moreover, the altcoin formed a mild bullish flag pattern, a common continuation indicator. It also continues to trade above the 50-day and 100-day Exponential Moving Averages. Hence, a breakout above the critical resistance of $615 would signal further gains and post more upsides to its year-to-date high of $721, which is about a fifth higher than the current level.
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