Binance’s coin retains bullish bias as the market recovered $250 billion since the worst downside correction since a year ago as we can see more in our latest binance coin news.
The third-biggest cryptocurrency serves as a utility token on Binance with plenty of outlets including a decentralized exchange, skyrocketed to 52.85% from its low at $184. The upside retracement followed a two-day sell-off which erased about $12 billion of the realized market capitalization. BNB’s increase coincided with the broader recovery on all top-cap assets and it of course included Bitcoin which dropped 22% from its record high levels above $58,000 but retraced about 15 percent of the losses in the past 24hours. ETH surged by 26.40% from a sessional low of $1,356. The entire crypto market added the $250 billion lost to its balance.
Other alternative coins usually follow Bitcoin’s gains and losses. The US payment service company Square revealed that it had purchased $170 million worth of BTC at an average of $52,000 and this helped the cryptocurrency avoid sell-offs like the last one on Monday. More bullish tailwinds for BTC came from the Tether settlement with the NYAG and the comments made by Federal Reserve Chairman Jerome Powell before the Senate Banking Committee on Tuesday. The renewed BTC appetite helped raise the demand for the tokens that facilitate trading on exchanges.
Binance’s coin retains a bullish stance as the coin that trades use as fees on the exchange, may have surged under the bias. According to the data by Messari, centralized exchanges increased by more than 60 percent in the past 24hours. The wild upside move left BNB in a great state to start a new bullish breakout.
The token’s downtrend from the local top created a sequence of lower highs and lower lows and all put together the retracement points formed what now looks like a bull flag or a bullish pattern that pointed to an upside continuation after the asset breaks over the upper trendline. The length of the breakout is the same as the size of the previous upside move. In BNB’s case, the flagpole’s height is about $250 which puts the pair en route to $500 in the medium-term.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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