Binance coin BNB/USD on Friday rallied more than 9% to extend weekly gains.
The BNB is the native token for the Binance Cryptocurrency exchange platform.
It is the world’s largest crypto exchange in terms of trading volume.
On Friday, Binance Coin (BNB/USD) price rallied extending this week’s gains to 15%. The BNB has gained 8.3% between Monday and Wednesday, before falling 0.47% on Thursday.
Binance is a unique ecosystem of decentralised blockchain networks, aiming to become the largest service provider in the blockchain space. The company has grown from being just a crypto exchange platform to allowing the development and management of different projects.
The platform has diversified to different segments of the blockchain industry, launching Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects as part of its growing network.
The BNB token has attracted a large pool of enterprise investors following its spike in 2021.
There is room left to run
From an investment perspective, Binance Coin seems to have rallied significantly since the start of October, pushing it to the overbought conditions of the 14-day RSI.
However, the BNB is still far from retesting this year’s highs of about $700, thus leaving room for more upward movement.
As a result, the BNB/USD could continue rising within the ascending channel formation in the intraday chart for the foreseeable future.
Therefore, investors could target extended gains at about $655.70, or higher at $699.40. On the other hand, if the trendline resistance triggers a pullback, the Binance Coin could find support at $555.50, or lower at $505.20.
In summary, the BNB/USD’s recent pullback presents an exciting opportunity to pounce on the bull run.
Source link By Motiur Rahman