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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

BNB Nears $250 Level As Market Suffers Volatility; What’s Driving It?

Kent Tenix
Kent Tenix
2 years ago
3 mins read
BNB

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Binance’s utility coin BNB has posted significant gains, surprising investors as the broader crypto market slumps. Bitcoin and Ethereum, including most altcoins, have gone on recess while BNB surges amid rapid expansion plans on the Binance ecosystem.

BNB’s spike on Tuesday, August 1, hinged on Binance’s announcement about the asset’s debut in the Japanese market through its newly launched subsidiary, Binance Japan. BNB jumped dramatically from $236.8555 to $246.0655, a nearly 4% increase, immediately after the news circulated the market. 

BNB Price Bullish Amid Japanese Debut

It is noteworthy that BNB is launching on Binance Japan for the first time since the history of Binance. Moreover, Binance Japan is the only Japanese exchange offering the token on its platform. Therefore, venturing into a new market is like achieving a major milestone for BNB and could guarantee a wider user base and increased daily transactions for the token.

Alongside the announcement for the launch of Binance Japan, Binance is offering spot and leverage crypto trading on 34 cryptocurrencies. This vast list potentially entails more transactions on Binance, leading to more BNB spending as the platform’s utility token.

Related Reading: Sell The News? Litecoin Traders Capitulate Ahead Of Today’s Halving

But surprisingly, the price increase is not reflected in BNB’s trading volume, down over 47% in a 24-hour period. CoinMarketCap data shows BNB recorded over $1 billion in trading volume toward the close of Monday’s trading session. 

The token saw an over 253% surge in trading volume on July 31, which didn’t reflect its nearly 1% price decline during the same period. After the sudden surge in trading activity and price, BNB’s movement has stalled as 24-hour trading volume stands at $734 million, with a 0.6% price increase in the last 24 hours.

As of the time of writing, BNB trades at $242.9, inching closer to the $250 level as traders accumulate the token in anticipation of major rallies as it trades live on Binance Japan in the coming days. 

BNBUSD price chart
BNB currently hovers at $242.9 in the daily chart. | Source: BNBUSD price chart from TradingView.com

BNB Vies For More Rallies As It Prepares To Conquer Key Resistance Levels

Binance Coin (BNB) trades above three key support levels: $240.4, $242.0, and $243.3. The bulls found strength at $242.0 and $243.3 price levels, facilitating the sharp spike to $246.065 in the early hours of August 1.

The chart demonstrates heated strife between the bulls and the bears as they struggle to prevail over the market. However, the stiff resistance at the $246.5 price level allowed the sellers to trigger a trend reversal.

The bears have formed bearish candle sticks above the $243.3 price level and are striving to press the token further below.

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BNB is in a critical conjecture as the next few hours determine whether a move to the $250 target is possible. A break above the $246.5 level will facilitate more rallies. Conversely, if the bulls relent, BNB could retrace to the $241.3 level, allowing the bears an opportunity to soar.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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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