BNB Price Ready for A Mega Rally?

Asset manager VanEck has registered for a proposed BNB exchange-traded fund (ETF), the latest among the list of its new crypto ETF filings.

Asset manager VanEck has applied to list an exchange-traded fund (ETF) that tracks the price of Binance Coin (BNB). The latest crypto ETF filing comes as the trading volume for the world’s fifth-largest cryptocurrency soars 42%.

Is BNB Price Ready For A Mega Rally?

Among the top 10 cryptocurrencies, BNB has performed relatively well over the past month. While BTC and other altcoins like ETH, SOL, XRP saw double-digit losses in March, BNB Coin is down just 1% on the monthly chart.

After a strong consolidation of around $610 levels, the BNB price could be eyeing a strong breakout to new all-time highs.

Moreover, BNB features a real-time burn mechanism that permanently removes a portion of gas fees from circulation and adds them to the total burn value. Over the past seven days, 951.85 BNB valued at $571,747.74 was burned, contributing to a total burn value of nearly $160 million, as per data from BNBBurn.

Furthermore, BNB’s price recently gained momentum after the implementation of the Pascal hard fork, which enhanced its compatibility with Ethereum. The network is preparing for additional hard forks this month and in June, aiming to further improve transaction speeds.

Additionally, BNB Chain is gaining a lot of popularity among meme coins, adding support for Mubarak meme coin, CZ’s Dog BROCOLLI meme coin, and others.

Looking at the technical setup, the BNB price chart shows that the altcoin is forming a cup-and-handle pattern, along with an ascending channel pattern formation.

On the other hand, BNB price is trading above the 50-day moving average, which is a positive indicator. But for the altcoin to kickstart a rally to its all-time high of $790, it must first complete the handle formation at $662, and give a breakout above that level.

As of press time, BNB Coin is trading at $603 levels with its daily trading volume surging by 42% to more than $2.12 billion.

Also, the BNB options trading volume is up by 46%, while the total options volume is up by 164%, according to data from Coinglass.

VanEck Files For Spot BNB ETF

It is also worth noting that asset manager VanEck has applied to list an exchange-traded fund (ETF) that tracks the price of Binance Coin (BNB). The latest crypto ETF filing follows a series of new entries from the asset manager.

The proposed BNB ETF would follow the price of BNB, the fifth-largest cryptocurrency by market capitalization. It is the latest in a series of crypto ETFs that VanEck is registering.

Earlier this month, we covered that VanEck filed for SEC approval to launch the first AVAX ETF, adding to its existing suite of crypto ETFs.

The asset manager is applying to list the VanEck Solid State Payables Impact Fund on the New York Stock Exchange.

Earlier this year, VanEck launched the Spark Digital Value U.S. Impact Top 50 ETF (BVALUE) and the Spark Digital Clean Energy Tech ETF (PEWTER). Both ETFs were listed on the Nasdaq exchange.

Towards the end of last year, the asset manager filed to launch the VanEck ESG Dividend Value Index ETF.

Among other new ETF filings, asset manager Harvest Capital filed on Wednesday for the Harvest BioTech Innovation ETF to be listed on the Nasdaq exchange.

The asset manager is also planning to launch Harvest Hedged Small Cap Equity ETF, which will be listed on the NYSE.