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Cryptocurrency News Articles
Binance Coin (BNB) Price Surged to a High of $616, Its Highest Point Since June 27
Sep 27, 2024 at 10:02 pm
Binance Coin price continued its strong comeback, driven by rising volumes in its decentralized exchanges, higher non-fungible token sales, anticipation of Changpeng Zhao's release, and positive technicals.
Binance Coin (BNB) continued its strong comeback last week, surging to a high of $616 on Friday, Sept. 27, its highest point since June 27. The BNB price is now up by about 120% from its recent bottom of $280, which was hit on June 14.
Several factors have contributed to BNB's impressive rally, including rising volumes in its decentralized exchanges, higher non-fungible token sales, anticipation of Changpeng Zhao’s release, and positive technicals.
Here's a closer look at each of these factors:
1. Rising DEX volumes: Data from Dune Analytics shows that the volume on BNB's decentralized exchange jumped by 52% in the last seven days to $5.2 billion. BNB has become the third-largest blockchain for DEXes, behind Ethereum and Solana, which processed transactions worth $8.45 billion and $6.53 billion, respectively.
The biggest BNB DEX networks were PancakeSwap, Dodo, and Uniswap, which handled tokens worth $4.4 billion, $364 million, and $247 million, respectively.
2. Higher NFT sales: Sales of NFTs on the BNB Smart Chain also surged in the last week, jumping by nearly 40% to $4.1 million, according to data from CryptoSlam. Its weekly increase was the second-largest, after Bitcoin, which rose by 78% to $21.8 million.
The most popular NFTs on the chain were Luxewalker, Primary Energy Pool, AkitaNFT, and Paraluni Perpetual Bond.
3. Anticipation of Changpeng Zhao’s release: Another catalyst for Binance Coin's rise is the growing anticipation of Changpeng Zhao's release after serving his four-month sentence.
Zhao is the largest holder of BNB, with the top ten wallets holding 75% of the tokens. Analysts expect that BNB, and other cryptocurrencies, could stage a strong comeback when he is released.
4. Positive technicals: Binance Coin has also formed a rare bullish chart pattern that could push it higher. It has formed an inverse head and shoulders pattern, shown in blue in the chart below. On Friday, BNB's price was near its neckline.
It has also formed a small bullish flag pattern, a popular continuation signal. Additionally, it remains above the 50-day and 100-day Exponential Moving Averages. Therefore, a break above the key resistance point at $617 could indicate further gains, potentially driving the price to the year-to-date high of $721, which is about 20% above the current level.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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