Widespread positivism in the crypto market, plus excellent fundamentals, are accelerating the rise of the Binance coin (BNB) token, and to find out where it is headed, he conducted an analysis of it below.
At the time of writing, BNB is trading at $ 423.40, accumulating a gain of 5.20% in the last 24 hours and 21.46% in the last 7 days.
Being the largest native exchange token in the world, the increase in its price during the current year is closely related to the growth of the adoption of Binance and the crypto ecosystem in general.
In an analysis of 2021 carried out from Binance, they assure that this year has been the turning point between the before and after the use of digital currencies.
To give you an idea of the growth speed of the last few months, it took Binance 9 months to go from 65 million to 100 million users. But only in 2021 this figure reached 300 million.
Another relevant fundamental factor behind the rise in price of this token is the constant burning of coins.
During the last one, which occurred last July, 1.3 million BNB were sent to a blocked wallet, in order to put pressure on the offer. This amount of tokens today equals more than $ 550 million.
Recall that the Binance coin white paper indicates that 50% of the currency will be incinerated progressively, at a speed that is determined by the quarterly volume of trade.
BNB token technical analysis
The week that has just started is already looking to continue the bullish rally that it brings. Today the resistance at $ 428 is being challenged, and if crossed, the resumption of the uptrend in the medium / long term would be confirmed.
In the event that the bulls manage to exceed this level of supply, the ground will be clear until the historical maximum, located at $ 680.
After long months locked in a bearish side period, we now finally see the price determined to continue its course. Just as he did during the first months of the year.
Binance coin daily chart
Thanks to small lows and higher and higher highs, the price of the BNB token is bullish. It looks like now a developing momentum will take you higher in the next few hours / days.
If the resistance at $ 428 is broken, the ground will be clear to $ 602.
For the bears to take control in the short term, the support at $ 400 must be broken through. Even with this happening, the bulls could quickly regain control, as the major trend is undoubtedly bullish.
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