BINANCE COIN HITS 2020 HIGH
As per reports, BNB/USD’s recent trend follows a bullish breakout related with the growth witnessed on the Binance exchange and Binance Chain.
With the unveiling of Launchpool and the debut Bella Protocol (BEL), a lot of the growth is seen down to increased demand on Binance Chain and new DeFi platform Binance Smart Chain (BSC).
- According to Bscscan, which looks very much familiar to Etherscan, the daily transactions count on the Binance Smart Chain have spiked from around 30k on Saturday to hit over 139,000 Sunday.
- As per the sources BNB/USD managed the latest bounce after it cleared resistances at the 50-MA and 200-MA, with increased buying volume providing impetus to the upside momentum. A look at the 4-hour chart shows that the MACD is bullish and the RSI isn’t overextended into overbought territory yet.
- So, It seems like if bulls manage that, a close above $35.00 on the weekly candle could see BNB/USD hit $40.00. Then a reversal forms, BNB/USD has healthy support at the 100 MA and 200 MA around $23.18 and $23.89.
- As of writing, Binance Coin is trading at $29.07 and is in a strong uptrend on the 4-hour time frame. Which seems to be a good option for now, I'll keep you all updated.