Binance Coin Technical Analysis: BNB Drawing Closer To Yearly Highs, DeFi Integration Spikes Interest
- Binance DeFi integration causes a spike in network activity while creating interest in Binance Coin.
- BNB seeks support after rejection at $34; the buyer congestion at $28 to come in handy.
Binance Coin dived to lows of $6.4 following the Black Thursday crash in March. The majority of markets around the globe were feeling the heat from the Coronavirus outbreak. A recovery started alongside other major digital assets but Binance Coin as always curved its unique path, aiming for new yearly highs. There have been barriers but bulls remained relentless in the push for higher levels. BNB enjoys the support of the largest cryptocurrency exchange by daily volume and the number of users, Binance. The exchange encourages users to pay fees using BNB thereby driving up demand for the token.
The recent integration of DeFi into the Binance Smart Chain resulted in increased transactions and activities from projects such as BakerySwap, BurgerSwap, and Cream Finance. According to data from the Binance Smart Chain, BurgerSwap attracted a staking volume of up to $400 million in just 24 hours. Daily transaction activity also surged as per the data provided by BscScan.
Read more: DeFi Dominance: Binance Coin [BNB] Hits $33.04 High With Large Transaction Volumes
BNB/USD daily chart
At the time of writing, Binance Coin is seeking support above $30 after hitting a new September high at $34. If the retreat extends below 30, the resistance flipped into support at $28 will come in handy.
However, Binance seems to be taking a breather from the mission to new yearly highs considering the wide gap created by the 50 Moving Average above the 100 MA. The RSI signals a short term retreat from the overbought region but low volatility means that the upside does not have a lot of traction.
BNB Intraday Levels
Spot rate: 30.70
Relative change: -1.82
Percentage change: -5.88%
Trend: Short term bearish bias
Volatility: Low
Read more: BurgerSwap and BakerySwap Boost Binance Coin Prices to ATH
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Tue, 15 Sep 2020 03:19:43 +0000
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