Binance Coin (BNB) fireworks brighten the gloomy crypto universe
- Binance Launchpad can be linked to the successful release of a couple of tokens; BitTorrent and Fetch.AI.
- A bullish momentum continues to build towards the short-term hurdle at $14.00.
Binance Coin has ignored the low trading activity on the cryptocurrency market to spike more than 20% on the day. The formidable gains have prevailed over the last one week. BNB/USD has at 36% in the last seven days and almost doubled the value in the last thirty days.
It believed that investors are changing their sentiments towards BNB following the release of Binance Launchpad. The Launchpad can be linked to the successful release of a couple of tokens; BitTorrent and Fetch.AI. The token is also the base currency on the largest exchange by trading volume in addition to being used to pay for trading fees on Binance platform.
At press time, Binance is trading at $12.75. Besides, a bullish momentum continues to build towards the short-term hurdle at $14.00. The bulls have eyes on $15 in the near-term. Short-Term support has been established at $13.00 and at $11.50. Both the 50-day Simple Moving Average (SMA) and the 100-day SMA 1-hour chart will offer support as well. According to the stochastic oscillator, Binance Coin is likely to continue with the current bullish trend in the coming sessions on Tuesday and possibly close the day trading above $15.00.
BNB/USD 1-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
