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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

PayPal FOMO Pushes Binance Coin (BNB) To 3-Week High; What’s Next?

Yashu Gola
Yashu Gola
1 year ago
2 mins read

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PayPal’s latest decision to launch a cryptocurrency checkout service included support for four digital assets: bitcoin, ether, bitcoin cash, and litecoin. Still, Binance exchange’s native cryptocurrency, Binance Coin, benefited the most from the global payment giant’s pro-crypto declaration.

Binance Coin, or BNB, surged more than 8 percent on Tuesday, hitting $304.39, the highest level almost three weeks after PayPal announced that its US customers could use their cryptocurrency holdings to pay at millions of its online merchants globally.

In comparison, bitcoin rallied up to 2.93 percent, and ether, the second-largest crypto after bitcoin, surged 1.89 percent.

Technical Breakout Underway

BNB’s latest upside move took its price out of its previous symmetrical triangle pattern.

In retrospect, Binance Coin entered a consolidation phase following its strong uptrend that saw its prices surged by almost $200. The cryptocurrency traded inside a triangle range later, with its daily volumes declining as the sessions matured. That — technically — raised BNB’s prospect of breaking the Triangle pattern to the upside.

Binance Coin breaks out of the symmetrical triangle channel. Source: BNBUSD on TradingView.com
Binance Coin breaks out of the symmetrical triangle channel. Source: BNBUSD on TradingView.com

BNB promises bullish outcomes because Symmetrical Triangles are continuation patterns — they tend to push an asset in the direction of its previous trend. Technically, the token could surge by as much as the previous uptrend’s height (which is about $200). Therefore, the Binance Coin breakout target is near $470.

Supportive Fundamentals

BNB acts as a de-factor settlement token across the Binance ecosystem, including a cryptocurrency exchange and two blockchains: Binance Chain (BC) and Binance Smart Chain (BSC). Binance’s revenue comes from trading, withdrawal, listing, margin trading, and other fees such as automated algorithm trading orders — all payable via BNB.

Meanwhile, Binance burns a portion of its BNB treasury based on volumes. At the current burn rate over the last 12 months (LTM), there are six more years until Binance burns its maximum 100 million tokens. The next event is on April 15.

BNB Token Distribution. Source: Messari
BNB Token Distribution. Source: Messari

PayPal’s strengthening foothold in the cryptocurrency market expects to boost crypto adoption. Exchanges like Binance Coin could benefit the most from an influx from the mainstream markets, which would mean higher revenue (via BNB), and more volumes (higher burning rate; low BNB supply against the rising demand).

That somewhat provides tailwinds to BNB’s bullish technical outlook.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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