25 November 2021 | ZebPay Trade-Desk
As Binance continues to increase its project development effort in the decentralized finance (DeFi) space, with projects such as Binance DEX, analysts predict that the assets will only continue to appreciate here over the long run. Binance has repeatedly seen volumes break new ground as traders attempt to capitalise on the new highs seen in Bitcoin, Ether, and other cryptocurrencies, which has significantly contributed to the exchange’s scale in operations and trading volumes, further enhancing the attractiveness of its native coin BNB.
BNB after making the recent top of $669, witnessed a sharp correction and the asset plunged almost by 20% making the low of $510. BNB took support at the crucial level of $510 (Previous High of Double Top Pattern) and showed signs of recovery. The asset is still in an uptrend but it’s resisting the 20 Day moving average which is at $605. Once it gives the breakout above $605 with good volumes, then we may expect BNB to further rally up to the all-time high of $691. On the contrary, a break below $510 will lead to further downfall.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $510 | $550 | BNB | $605 | $669 |
Disclaimer: Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
