Binance’s Commitment Likely to Prop Bulls Aiming at $70

Avatar Dalmas Ngetich 3 months ago
  • BNB in an uptrend, add 7.9 percent
  • Changpeng Zhao’s determination is the driving force behind Binance

Behind Binance Coin is a never-yielding team, keen on developing the ecosystem. With the leadership of Changpeng Zhao, Binance has its mainnet, is the world’s largest by adjusted volumes and most importantly, transparent. At the time of writing, BNB is up 7.9 percent in the last week and stable in the past 24 hours.

Binance Coin Price Analysis

Fundamentals

True, Binance suffered a hack. However, that is not to say the exchange is porous. According to Changpeng Zhao, the CEO of the world’s largest exchange by adjusted volumes, funds are SAFU. Compared to how other exchanges reacted at the back of reputation-damaging heists, the community, in general, was impressed by the level of transparency.

Although Zhao proposed an impossible “roll-back,” it revealed how committed the ramp is towards the development and improvement of the crypto ecosystem. After all, it is popular, with a base in Malta and out of reach from most regulators.

That’s judging on how they responded to the New York Attorney General request for comment early this year. Nonetheless, what is exciting from a trading and investment point of view is how Binance Coin (BNB) is rallying and cementing its position in the top-10.

Driven by fundamental factors such as extra liquidity and Binance chain mainnet, prices are up more than five folds after bottoming up from $5.

Candlestick Arrangement

Binance Coin BNB

Up 7.9 percent from last week’s close, BNB is trading within a bullish breakout pattern. From a top-down approach, BNB is trading above 2018 highs after bottoming up from the 78.6 percent Fibonacci retracement level of 2018 trade range.

Conspicuous in this rally is the level of participation that propelled BNB prices above $26. As it is, the week ending May 19th had high volumes exceeding recent averages. That, from breakout rules, is a mark of bulls and accompanying this move higher is bull bars banding along the upper BB revealing participation.

A simple Fibonacci extension tool within May trade range shows that the 161.8 percent level is at the $43 mark. That is where bulls have their sights on. If buyers are successful, then the second bull target will be the $70 mark.

Technical Indicator

Confirming our bullish bias is week ending May 19th bull bar as aforementioned. Participation is high at 25 million versus 16 million, and is wide-ranging. With increasing volumes, every retracement is a buying opportunity with a target at $43.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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