Crypto Daily: BNB prepares to reach new highs

Nov 12, 2021
16:11
2 min reading

Choise.com team

Bitcoin trading volume has dropped by 30% and now amounts to $35 billion per day.

As regards the altcoin market, the situation is somewhat different. Many coins have been on the rise and gained 2-5% in one day after falling sharply on Wednesday night. As a result, Bitcoin’s market dominance immediately shrank by 1%, which is quite a significant loss.

This week, one of the most resilient cryptocurrencies in terms of growth is Binance Coin. Let’s take a look at the BNB chart below and try to figure out whether this upward trend is likely to continue in the near future:

BNB analytics price

Over the past 2 weeks, BNB has doubled its value and almost reached its all-time high. Amidst an overall market crash, Binance Coin plummeted 15% from $663 to $573. However, buyers mitigated this decline, thus pushing the price back to the $610 level above the upward trending line, which is a good sign for BNB.

All day yesterday, the BNB price was moving sideways between $605 and $635. These movements formed an ascending triangle pattern that can be clearly seen on an hourly chart and indicate a new growth to the $660 – $670 local highs. There are no prerequisites for this trend to be broken.

Binance exchange also stimulates the growth of its native coin through Binance Launchpad platform. As of today, there are two fan token sales open allowing people to get free Porto and Manchester City tokens. All it needs is buying BNB and holding it on a user balance, which keeps the coin from falling down in price and supports its upward trend.

Binance Coin needs to demonstrate a 9.5% increase so we can see it reaching an all-time high of $692 again. All signs indicate that BNB will meet the challenge and even surpass this level by the end of November.