Binance Coin (BNB) price rose 48% to a new all-time high of $196, with bulls expected to see $200 shortly.
Current Binance Coin course
Binance Coin (BNB) is up 48% in the past 24 hours to hit a new all-time high of $196. BNB price is up more than 330% this month after trading at around $44 on February 1.
According to the fundamental and technical picture for BNB/USD, a break above $200 could follow after a short break.
The native coin of the Binance ecosystem, including the Binance Smart Chain, is now the fourth largest cryptocurrency by market capitalization. According to CoinMarketCap, the BNB cap is now $29.7 billion, placing the Binance Coin ahead of Polkadot (DOT), Cardano (ADA) and XRP.
Binance price rises thanks to strong Binance Smart Chain
As Santiment recently pointed out, given the increased number of addresses with 100,000 or more tokens, the BNB price has increased. For example, in August 2020 there were only 26 such addresses, but in mid-January 2021 the number rose to 48. Around this time, the BNB price had its “initial start”.
The growth of the Binance Smart Chain (BSC) appears to be another spark that sparked the recent BNB rally. The DeFi (Decentral Finance) project launched in September 2020 was used extensively by users.
More daily transactions are now recorded than on the Ethereum network. The inheritance continues when the unique address metric increases.
On February 16, Binance CEO Changpeng Zhao posted the following on BSC.
“There are currently more daily transactions on #BSC than on the ETH network. Soon the total processed on #BSC will also surpass ETHs. Only a matter of time. #BNB (I’m not against ETH. I support the growth of both)”.
The Binance CEO now believes the BSC rollout is only just beginning.
“I think #BSC has passed the tipping point. Now all wallets and other tool manufacturers want better and native support for #BSC and not just for a #ETH variant. Now a virtual cycle starts”.
Binance Coin course: what’s next?
BNB price is well above a bearish trendline that had limited growth to $130. The price action on the 4-hour chart shows that BNB/USD broke across several resistance levels on the way to the high of $196.
A new level of support is at the 0.236 Fibonacci retracement level ($179.87), which could be the springboard for higher prices. If bulls break above the immediate resistance around $188, they can retest the intraday high and even climb to a new record above $200.
Both the MACD and RSI over the 4 hour period strengthen the potential for further gains.
On the flip side, the near-term outlook suggests bulls are getting solid support at $165, the 0.5 Fibonacci level ($161.20) and the 0.618 Fib level ($ 152.85). If the downward pressure builds in the short term, the BNB / USD pair could count on strong support at the 20 EMA (4 hours) which is currently at $149.21.