- BinanceCoin (BNB) has surged over 11% in the past week, with a 5% gain in the last 24 hours.
- Binance Smart Chain (BSC) surpasses Solana in total value locked (TVL) and DEX volume, driving BNB strength.
- Technical indicators suggest that BNB is likely to break out of its bearish pattern and continue its upward momentum.
BinanceCoin (BNB) has demonstrated strong price action in recent days, even as the broader cryptocurrency market struggles to hold key support levels. The token has managed to break above a bearish pattern, fueling optimism for an upward trajectory toward the $700 mark.
BNB’s Recent Performance
The crypto market maintained low movement during the weekend but BinanceCoin managed to earn considerable gains. The value of BNB experienced a 5% increase within the last 24 hours accompanied by a 11% rise since the previous week. The market interest has grown based on a more than 25% increase in trading volume.
The cryptocurrency stands at over $630 while placing itself above all other top 10 cryptocurrencies in market performance as reported by Defillama. Another factor contributing to BinanceCoin’s strength is the rise in Binance Smart Chain (BSC) metrics. In recent months, BSC’s total value locked (TVL) has surpassed Solana, as BSC leads in decentralized exchange (DEX) volume.
This rise follows increased investment from Abu Dhabi-based MGX and the growing popularity of BSC-based tokens like Mubarak and Mashalla. This surge in trading activity has boosted BSC’s position, although it carries some risk, as memecoin-driven activity could lead to volatile events.
Impact of BSC’s Growth on BNB
The increased activity on Binance Smart Chain could have a direct impact on BNB’s price. The token has shown a consistent rally from lows near $500 to its current level above $630. Technical indicators suggest that BNB is likely to break through its bearish pattern and enter a more bullish phase. The 50-day and 200-day moving averages, which recently formed a bearish crossover, are on the verge of reversing. This could signal further upward momentum for BNB in the coming weeks.
The upward trend of BNB relative strength index (RSI) indicates continued bullish momentum in BNB price movements. Technical analysis using both the RSI indicator and robust price movements indicates BNB will advance further in upcoming periods thus maintaining its position among dominant large-cap cryptocurrencies.
