TL; DR breakdown
- Binance Coin is roaring over $ 100 to set new ATH.
- Binance Smart Chain is becoming increasingly popular for processing transactions.
- The Binance coin is currently trading below $ 130 after the withdrawal.
Binance Coin Price Prediction: General Overview
The price of Binance coins rose an impressive 33.5 percent, hitting a new all-time high of $ 148 after breaking the $ 100 mark yesterday. The BNB has gained over 200 percent in the last week and is one of the cryptocurrencies with the best performance in the market. BNB / USD price movement sailed through selling pressures at $ 80 and $ 100 levels, respectively, before clearing above $ 120 and hitting a new all-time high.
The remarkable price rally for Binance coins allowed the native Binance Smart Chain token to outperform Ethereum in terms of daily transaction volume metric. The majestic growth of the BNB was largely attributed to the increased popularity of the Binance Smart Chain as the Ethereum network became congested with transactions due to increased transaction fees. The fact that the Binance chain charged over $ 300,000 in transaction fees explains the increased demand.
The BNB / USD pair opened the day at $ 107.34 before rising more than 30 percent to $ 148. The daily price range is between $ 107.28 and $ 148.40 with a 24-hour trading volume of $ 7.5 billion. At the time of writing, the BNB is trading on the Binance exchange at a market price of $ 127.56 after being corrected by the new ATH.
Binance Coin Price Prediction: BNB / USD 4-Hour Chart
BNB / USD 4-hour chart: BNB / USD
The rally in Binance coin prices gained momentum after exiting a bearish channel with selling pressure near the $ 70 price level, as shown in the graph above. The BNB gained momentum, rising above $ 120 and $ 130 to hit its new all-time high. However, the BNB cops’ attempt to hit $ 150 hit a wall and the coin has since dropped below $ 130. BNB has support near $ 125 and $ 120. The first critical support is at $ 115, which prevents further losses.
On the flip side, another resistance can be seen above $ 150 at a price level of $ 160, $ 170.9, and $ 182.87, respectively. Given the growing popularity of Binance Smart Chain, it may not be long before BNB hits a new all-time high above the $ 150 price level.
Price forecast for binary coins: Conclusion
Until the Ethereum network addresses the huge problem of gas fees, the Binance chain appears to be the ideal choice for processing transactions because of its low fees and high speed. While the Binance chain is not as decentralized as many users prefer, it is the ideal choice when the Ethereum network charges merchants with transaction fees that are above the transaction amount. Since it is a Binance product, it is becoming even more popular due to the massive reputation of the exchange in the industry.
Meanwhile, Binance has voluntarily withdrawn its defamation lawsuit against Forbes Media LLC just three months after filing it. In November 2020, Binance sued Forbes, claiming the media company had spread false allegations through an article by reporters Michael del Castillo and Jason Brett. The world’s leading exchange asked Forbes to pay for damages and overturn the alleged item.
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