Binance Coin (BNBUSD) Technical Analysis: More Buyers Waiting for Correction

Binance Coin rallies to reach over 8-month high on Thursday

Binance Coin rallies to reach over 8-month high on Thursday

Given the highly correlated and immature nature of the cryptocurrency market, it's unlikely for BNB to chart its own distinctive trend for an extended period of time, but only time will tell when BNB ceases to be an outlier. This might partially be contributing to the rise in the token's price.

"No, that would make BNB a security token, and you don't want to, " Zhao answered the question about paying the stake to Binance Coin owners.

Cryptocurrency exchange, Delta has announced the launch of futures contracts on Binance Coin (BNB) on Tuesday. Unlike the rest of the crypto market, Binance Coin has recently risen sharply in value, and is now ranked 7 by market cap with the price hovering at around $15. To be more specific, the all-time high for BNB sits at $17.08, whereas the current value is $13.58. Considering how one BNB is now worth 10% of one Ether, things have gotten very interesting in the cryptocurrency industry all of a sudden. "Besides this, imminent launch of BNB DEX and a potential recovery in crypto trading volumes are some other drivers that could result in continued activity in Binance coin and sustained demand for BNB futures form trading community". After all, there is a lot for the BNB coin to achieve before it can challenge Bitcoin.

To begin, Binance is one of the most widely used, if not the most widely used, crypto exchange in the space.

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Many believe the turnaround came in the form of Binanace decentralized exchange (Binance DEX) which is becoming a trend these days in the market after centralized exchanges have failed to gain the trust of users despite being in the business for so long.

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In the end, it is not surprising to Binance Coin pop off first and foremost. Then Bitcoin (BTC) made another run towards $3,900 before noon and once again failed to break this key resistance level. There will be plenty of resistance along the way. Please do your own research before purchasing or investing into any cryptocurrency.

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