Binance Coin just set yet another new all-time high today, taking out resistance set back in 2019.
With the resistance level now cleared and potentially flipped to support, what are the likely targets for the native exchange token?
Binance Coin Breaks Out Alongside New User Surge
Binance made its debut just ahead of the last crypto bull market came to a conclusion. Bitcoin was quickly approaching $20,000 and altcoins everywhere were soaring.
Because the young crypto exchange was known for the largest list of exotic altcoins, alt season was especially good to the budding brand.
Binance spent the entire crypto bear market building on its brand, and becoming an innovator and leader in the space.
Related Reading | Here’s The Line Separating Bitcoin Dominance From Altcoin Season
The company introduced initial exchange offerings, and was among the first exchanges to introduce its own native cryptocurrency token, Binance Coin, aimed at reducing trading fees, offering voting power, and a variety of other benefits for holders.
As one of the few tokens with real utility and in active use today, it has held up well and was able to set a new all-time high in 2019. But after that peak was when the exchange was forced to spin off its US operations, and some of the platform’s dominance has since diminished.
IEOs mostly fell out of favor, which left BNB reeling for some time. But from the March 2020 low put in across all markets, Binance Coin is up a staggering 576%.
Over the last few weeks as the cryptocurrency market picks up in steam and begins to catch up to Bitcoin’s enormous rally, new user registrations at Binance has begun to explode much like the last bull market.
Crypto Market FOMO Helped Restore Demand For Exchange Token
The more users on Binance taking advantage of their platform’s native exchange token has created more demand for the coin, and caused it to break through high timeframe resistance.
The first new peak was set weeks ago, but resistance from its former all-time high appears to now be holding as support, signaling that Binance Coin could make a measured move higher.
Targets for BNB could reach as high as $300 per token | Source: BNBUSDT on TradingView.com
Taking the height of the bullish base and applying it to the breakout, could make targets for BNB as high as $300 per token. And with demand at the exchange soaring and spilling into the platform’s native coin itself, the results could be dramatic.
Related Reading | Robinhood Reminder: Not Your Keys, Not Your Bitcoin
Binance, like Coinbase and other platforms, have suddenly risen the ranks of the Apple App Store for iPhone. Last week at the height of the GameStop and Robinhood saga, Binance and its US counterpart app both made the top ten in “free apps.”
Featured image from Deposit Photos, Charts from TradingView.com
Credit: Source link