Join Our Telegram channel to stay up to date on breaking news coverage
BNB price forecast remains bullish although Binance Coin (BNB) has been outperforming in recent sessions. It managed to extend its previous upward rally and gained some traction near the $356 level. Binance Coin (BNB) has performed exceptionally well in recent sessions, rallying to a high of $360. However, the gains were aided by an upbeat market mood, which tends to support digital assets such as Binance Coin (BNB).
Furthermore, the cryptocurrency gained traction after Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE), reached a multi-month high following Elon Musk’s recent acquisition of Twitter. Aside from that, the return of the Binance launchpool aided the gains, sending BNB above $334 for the first time since the middle of August. In addition, the broad-based US dollar bearish bias has played a significant role in supporting the Binance Coin (BNB) rally.
The current BNB price is $357, and the 24-hour trading volume is $1.5 billion. BNB has increased by over 2% in the previous 24 hours. CoinMarketCap now ranks #4, with a live market cap of $57. It has a circulating supply of 159,976,976 BNB coins and a maximum supply of 159,976,976 BNB coins. 200,000,000 BNB coins are available.
Elon Musk’s Twitter Purchase
Binance Cash has been performing exceptionally well in recent sessions, reaching a multi-month high. BNB has risen by nearly 10% in the last three days. The news that Binance was getting ready to help Twitter get rid of bots as part of its new Elon Musk-led strategy could be attributed to its upward rally. As a result, Binance has contributed $500 million to Musk’s acquisition of the social networking site.
“Our intern says we wired the $500 million two days ago, probably just as I was being asked about Elon/Twitter,” Binance CEO Changpeng “CZ” Zhao wrote in a cryptic tweet, referring to comments he made to crypto media outlet Decrypt. Further posts from CZ stated, “Let’s unleash the bird,” and “Crypto Twitter,” the former appearing to be referencing Musk’s tweet, “the bird is freed.”
Meanwhile, Dogecoin has gained traction and has risen sharply in recent days. It has increased by 100% in the last week and has surpassed $0.15 for the first time since April 20, 2022. However, the gains in Dogecoin vanished shortly after Elon Musk purchased Twitter.
JUST IN: #Dogecoin surpasses $0.15 for the first time since April, 2022.
— Watcher.Guru (@WatcherGuru) November 1, 2022
Upbeat Crypto Market
Since the start of the day, the global cryptocurrency market has been on an upward trend, actively trading above $1.02 trillion. While Bitcoin (BTC) and Ethereum (ETH) have both seen marginal price increases over the day, they have remained stable above $21,000 and $1,600, respectively. Other well-known cryptocurrencies, such as Litecoin (LTC) and Ripple (XRP), saw modest gains.
Furthermore, several cryptocurrencies performed well, including Binance USD, Chainlink, Tether, Cardano, Polygon, XRP, Terra, Tron, Litecoin, and Uniswap. As a result, the upbeat market was viewed as one of the key factors that could assist the BNB Coin in limiting its current losses.
The broad-based US dollar fell from a one-week high as traders anticipated the Federal Reserve’s upcoming interest rate announcement, which could provide clues about future policy direction. However, the expectation that the central bank will take a less hawkish stance may be the reason for the dollar’s decline in value. As a result of the weak US dollar, the BNB coin will be able to limit its losses.
BNB Price Forecast
On the technical front, the BNB/USD pair is trading with a bullish bias after breaking above the triple-top pattern that was extending firm resistance near the $338 level. A bullish break over this level has sent BNB up to $360 while the next resistance stays at $395. BNB had formed an ascending triangle pattern on the daily chart, and it has already been violated, driving more upside potential for BNB.
In addition, the RSI and MACD indicators indicate a buying trend. The 50-day moving average is sustaining the buying momentum above the $290 support level. Having stated that, the bullish bias remains high; however, if BNB retraces back to $338, one should consider buying. Under $338, the bearish tendency stays strong.
Dash 2 Trade (D2T) – Alternative Coin
Related:
Join Our Telegram channel to stay up to date on breaking news coverage
