Binance Coin pumps +148% Parabolic High, amid New E-wallet Payment Options in Southeast Asia

Binance Coin (BNB), the in-house token of cryptocurrency exchange Binance, saw its price hit a new all-time high at $191.62 AUD this week, passing Bitcoin Cash by market capitalization.

BNB took a parabolic Breakout with +148% gains in a week. Let’s take a quick look at BNB, price analysis, and possible reasons for the recent breakout.

What is Binance Coin?

Binance Coin (BNB) is the cryptocurrency of the Binance trading platform exclusively for cryptocurrencies. The name “Binance” is a combination of binary and finance. The BNB token is used for reducing trading fees on the platform.

BNB Quick Stats

SYMBOL:BNB
Global rank:7
Market cap:$25,496,690,411 AUD
Current price:$168.02 AUD
All-time high price:$191.62 AUD
1 day:+29.26%
7 day:+148.70%
1 year:+409.74%

BNB Price Analysis

At the time of writing, BNB is ranked 7th cryptocurrency globally and the current price is $168.02 AUD. This is a +148.70% increase from the last 7 days (4th February 2021). Have a look at the chart below for price analysis.

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Source: TradingView

After looking at the above 2-hour candle chart, we can clearly see that BNB was trading inside the rising wedge pattern on the BNB/USDT pair. The first resistance was on the $112 AUD price levels which BNB broke with a strong bullish trend buying volume and is now heading towards the all-time high price. Seeing that many altcoins are waking up bullish this week, BNB is likely to continue to increase in the uptrend.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.”

Source: TradingView

What do the Technical indicators say?

The Binance Coin TradingView indicators (on the 1 day) mainly indicate BNB as a buy, except the Oscillators which indicate BNB as a sell.

So Why did BNB Breakout?

Performance appeared buoyed by record volume on Binance itself as trading gathered pace as part of a long-awaited return of “alt season.”

The action was led by Dogecoin surging thanks to tweets by Elon Musk, which Binance CEO Changpeng Zhao used to promote trading on the platform. 

“All-time high on system traffic again. In fact, 3 ATHs in the last 15 minutes,” he revealed on Thursday.

Another reason for this sudden pump in price could be the whales secretly buying BNB for the next Altcoins rally & it could also be contributed to some of the recent news of New E-wallet Payment Options in Southeast Asia at Binance.

Recent BNB News & Events:

06 October 2020 – L.A. Blockchain Conference

21 October 2020 – Blockchain Life 2020

30 October 2020 – Bithumb Listing

Where to Buy or Trade BNB?

Binance Coin has the highest liquidity on Binance Exchange so that would be the best place to buy and for trading BNB/BTC, BNB/USDT, BNB/AUD pairs.

Malik Junaid
Author

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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