• BNB price is on track to make a comeback as Binance Labs announces a strategic partnership with staking protocol pSTAKE. 
  • The partnership is expected to bring more liquidity to the BNB ecosystem. 
  • Analysts have set a $4,000 to $5,000 target within the next few months for BNB.

Binance Labs has announced a strategic partnership with pSTAKE. This is expected to boost liquidity for the BNB ecosystem and increase the utility and demand for the token. 

BNB on track to breakout with new strategic partnership 

Binance Labs made a strategic investment in pSTAKE Finance. The venture capital arm was keen on boosting the liquidity of the BNB ecosystem; therefore this strategic investment is key to the BNB ecosystem. 

Proof of stake assets on Binance chain can be staked on pSTAKE, and users can mint liquid staked representative tokens to earn rewards and yields. 

Amidst the current bloodbath in the crypto ecosystem, BNB price has sustained above $286.20, fueling a bullish sentiment for the altcoin’s recovery. 

Proponents believe the strategic partnership could boost BNB’s utility and adoption in the crypto ecosystem. 

Ken Li, Executive Director of Binance Labs, was quoted as saying:

Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pSTAKE and look forward to partnering closely.

pSTAKE is a solution that allows users to stake their assets, securing the underlying network. Gert van Lagen, a crypto analyst and trader, has evaluated the BNB price trend and set a bullish target for the altcoin. Based on the Elliottwave channeling method, a $4,000 to $5,000 target is possible within the next few months. 

The Elliottwave channeling method is key to market behavior. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP