Binance Coin witnesses a bull stampede: BNB Technical Analysis
Binance Coin [BNB] is soaring on the heels of Binance chain announcement. Binance chain is Binance’s new initiative to launch a native blockchain which will enable blockchain projects to issue their own cryptos. The exchange is also considering to increase the use cases for its native token Binance Coin [BNB] through their collaboration with Decentraland, a virtual reality platform.
BNB prices are on a winning streak. The coin soared 25% after Changpeng Zhao, the Binance CEO, announced the proprietary blockchain. The market cap has increased by 7% in today’s trading session. The cryptocurrency is currently trading with a market cap of $830.63 million. Bulls are in charge of the coin currently as the recent announcements are attracting positive investor sentiments.
BNB prices are on a bull run. The coin faced a brief consolidation phase at the beginning of the day. It has breached the resistance level formed today at $6.1. The next resistance level for the virtual currency is found at $6.81. The RSI represented overbought levels in the beginning of the day but retraced back to normal levels. However, the coin is closing in on being overbought. The MACD shows a bullish momentum for the digital asset. The 100 EMA line trading at $5.5 is on an uptrend. The virtual currency is currently exchanging hands at $6.29 and is surging against USD by 14.41%.
The virtual asset is gaining against Bitcoin [BTC] by 18.59%. At the time of writing, one BNB is equivalent to 0.00163017 BTC.
Binance Latest Updates
- Binance is supporting Decentraland, a virtual reality gaming platform, to conduct a virtual auction. Decentraland is an online virtual reality platform on Ethereum blockchain, where users can build 3D models. Users will be given complete ownership of the “digital space” which will be measured through virtual land parcels dubbed “LAND.” The tie-up with Decentraland is to facilitate an auction of these virtual land parcels. The LAND auction will be supported by the exchange’s native token, Binance Coin [BNB] which can be used as a payment method.
- Binance is introducing a proprietary blockchain called Binance chain which will enable developers to launch their blockchain projects. Zhao indicated that the new plans are a reflection of the traditional version of cryptocurrency and the tokenization process, which can increase the rates of global adoption.
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