bullish

2024

Coin

<p class="is-style-lead">Binance Coin price continued its strong comeback, driven by rising volumes in its decentralized exchanges, higher non-fungible token sales, anticipation of Changpeng Zhao’s release, and positive technicals.</p>
<p>The Binance Coin (<a href="https://crypto.news/price/bnb/" target="_blank" rel="noopener noreferrer nofollow">BNB</a>) price surged to a high of $616 on Friday, Sept. 27, its highest point since June 27.</p>
<p>Data shows that the BNB Smart Chain ecosystem is thriving. According to <a href="https://www.cryptoslam.io/" target="_blank" rel="noopener noreferrer nofollow">CryptoSlam</a>, sales of its NFTs jumped by nearly 40% to $4.1 million in the past seven days. Its weekly increase was the second-largest, after Bitcoin, which rose by 78% to $21.8 million.</p>
<p>The most popular <a href="https://crypto.news/a-complete-guide-to-nfts/" target="_blank" rel="noopener noreferrer nofollow">NFTs</a> on the chain were Luxewalker, Primary Energy Pool, AkitaNFT, and Paraluni Perpetual Bond.</p>
<p>Further data revealed that the volume on BNB’s decentralized exchange <a href="https://defillama.com/dexs/chains/bsc" target="_blank" rel="noopener noreferrer nofollow">jumped by 52%</a> in the last seven days to $5.2 billion. BNB has become the third-largest blockchain for DEXes, behind Ethereum and Solana, which processed transactions worth $8.45 billion and $6.53 billion, respectively.</p>
<p>The biggest BNB DEX networks were PancakeSwap, Dodo, and Uniswap, which handled tokens worth $4.4 billion, $364 million, and $247 million, respectively.&nbsp;</p>
<p>BNB’s <a href="https://crypto.news/understanding-defi-and-its-uses/" target="_blank" rel="noopener noreferrer nofollow">DeFi</a> total value locked <a href="https://defillama.com/chains" target="_blank" rel="noopener noreferrer nofollow">has risen </a>by over 13% in the last 30 days, a better performance than Ethereum, Solana, and Tron.</p>
<p>Another catalyst for Binance Coin’s rise is the growing anticipation of Changpeng Zhao’s release after serving his four-month sentence. Zhao is the largest holder of BNB, with the top ten wallets <a href="https://www.coincarp.com/currencies/binance-coin/richlist/" target="_blank" rel="noopener noreferrer nofollow">holding 75%</a> of the tokens. <a href="https://crypto.news/floki-wormhole-pepe-pumps-as-us-pce-inflation-nears-2/" target="_blank" rel="noopener noreferrer nofollow">Analysts expect</a> that BNB, and other cryptocurrencies could stage a strong comeback when he is released.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">CZ to be released today after spending four months in federal prison.<br><br>Let's send all of crypto to Mars</p>— Whale (@WhaleFUD) <a href="https://twitter.com/WhaleFUD/status/1839648718724731368?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 27, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/former-binance-ceo-changpeng-zhao-to-be-released-from-u-s-prison/"> Former Binance CEO Changpeng Zhao to be released from U.S. prison </a></p>
<h2 class="wp-block-heading" id="bnb-price-has-formed-an-inverse-hs-pattern">BNB price has formed an inverse H&amp;S pattern</h2>
<figure class="wp-block-image size-full"><img decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/09/BNB-Price-1.png" alt="Bnb price" class="wp-image-14300264">
 <figcaption class="wp-element-caption">
  BNB price chart | Source: <a href="https://www.tradingview.com/symbols/BNBUSD/?exchange=CRYPTO" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
<p>Meanwhile, Binance Coin has formed a rare bullish chart pattern that could push it higher. It has formed an inverse head and shoulders pattern, shown in blue in the chart below. On Friday, BNB’s price was near its neckline.</p>
<p>It has also formed a small bullish flag pattern, a popular continuation signal. Additionally, it remains above the 50-day and 100-day Exponential Moving Averages. Therefore, a break above the key resistance point at $617 could indicate further gains, potentially driving the price to the year-to-date high of $721, which is about 20% above the current level.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/landwolf-moo-deng-surge-as-solana-dex-volume-jumps/"> LandWolf, Moo Deng surge as Solana DEX volume jumps </a></p>

BNB forms a rare bullish pattern as Binance catalysts rise

Table of Contents

crypto.news

Other articles published on Sep 27, 2024

Sui Coin Price Prediction: How Bitgert Stacks Up

$5.8 Billion in Bitcoin Options Set to Expire on September 27, Alongside $1.9 Billion in Ethereum...

From World Tourism Day to Detty December: How Nigerian creators are redefining tourism through Ti...

Expert Analyst Predicts What 2,000 Ripple (XRP) Tokens Will Be Worth in 2025

Can Visa’s New Platform Revolutionize Global Bank Tokenization?

Solana Gains Traction with Significant Net Inflows

Join our free newsletter for daily crypto updates!