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Binance Coin’s Resurgence: Surpassing $320 and Eyeing $340 High – Technical Analysis

source-logo  crypto-news-flash.com 12 February 2024 20:39, UTC
  • Binance Coin (BNB) has in recent weeks impressed despite the regulatory saga around its crypto-related exchange, Binance.
  • BNB has breached the $320 resistance and is forging a path to the next key resistance in the $340 level.

Binance Coin (BNB) has in recent weeks staged an impressive recovery, placing it as a favorite investment option among crypto investors. Beginning at the end of last year, BNB has been one of the most-watched cryptocurrencies. This was largely due to the developments around the Binance crypto exchange.

Binance Coin was launched and issued by Binance in 2017. The exchange is still involved with the development of the ecosystem; BNB is used primarily to pay transaction and trading fees on the Binance exchange; and the network is fully decentralized. This means that all developments around the exchange influence the altcoin and its price movements.

In recent weeks, the world’s largest cryptocurrency has faced a turbulent time. As CNF reported in 2023, in a surprising development, the U.S. SEC announced charges against Binance and its co-founder, Changpeng Zhao “CZ.”

Consequently, CZ entered into a plea deal with the U.S. government, admitting to failing to maintain an effective anti-money laundering program at the company. He further agreed to a record $4.3 billion fine, to step down as Binance’s CEO, and not to take any leadership positions in the company.

Since the turn of the year, Binance has been working hard to reinvent itself under its new CEO, Richard Teng. As reported, there are several key features to boost adoption. One of these is the launch of its highly anticipated Inscriptions Marketplace. Nestled within the Binance Web3 Wallet, this platform provides a user-friendly space for the buying, selling, and minting of a diverse array of inscription tokens.

More recently, the exchange has bowed to pressure, allowing traders to hold their money elsewhere and still access the exchange’s leading trading platform, a change meant to address growing unease risk in the wake of the FTX collapse.

Binance Coin (BNB) Technical Setup and Bullish Future

At the time of writing, BNB is trading for $326, marking a 1.6% increase in the last 24 hours and a nearly 10% surge in the last 7 days. In the past 24 hours, the altcoin has suffered a volatile period, dropping to a low of $315. The recovery to breach the $320 and $325 levels is an impressive reaction from bulls and a clear indication of their intent.

While the coin may be forced to trade sideways in the short term, bulls seem confident of reaching and breaching the next key targets, $340 and $355, and further down the road, $400. With momentum building, investors could FOMO around the 4th-ranked cryptocurrency with a market cap of $50.2 billion.

A Binance Smart Chain Roadmap released on the last day of 2023 reveals plans to reach mass adoption, beginning with the creation of a multi-chain framework. Another interesting mention is that the framework would establish the connection between the Binance Smart Chain (BSC), the opBNB, and the Greenfield layer.

As the Binance exchange rebuilds and cements its position as the leading platform and the ecosystem around Binance Coin grows, BNB remains one of the most promising cryptocurrencies in the market.