The Binance Coin price is rising even as the volume of coins traded in the Binance ecosystem declines. Also, the BNB price is rising even as more countries raise concerns about Binance. It is trading at $405, which is about 40% below its all-time high.
The volume of cryptocurrency traded in leading platforms has dived as most coins remain near their highest level since May. According to CoinMarketCap, the volume of crypto traded in Binance ecosystem declined by more than 14% in the past 24 hours. Huobi Global and Coinbase Exchange volume declined by more than 17%.
At the same, Netherlands warned that Binance was operating in the country illegally. By so doing, it joined other countries like the UK, US, and Japan that have recently warned about Binance.
The Binance Coin price is therefore rising because it does not have a direct correlation with Binance. Instead, the BNB is the native token for the Binance Smart Chain (BSC) ecosystem. This is a platform that allows developers to build decentralized apps like DeFi and non-fungible tokens (NFT).
Some of the best-known projects built on the BSc ecosystem are PancakeSwap, RocketSwap, and Poly Network among others. Therefore, with their activities rising, there is a possibility that the coin will maintain the bullish trend. So, what next for the BNB price?
The daily chart shows that the Binance Coin price has been in a strong bullish trend recently. Most notably, the coin has made a bullish breakout above the symmetrical triangle pattern. This is usually a positive thing for a coin. At the same time, it has risen above the 25-day and 50-day WMA while the Relative Strength Index (RSI) has been in a strong bullish trend.
Therefore, the coin will likely maintain the bullish trend in the near term. If this happens, the next key level to watch will be at $500. At the same time, a break and retest pattern cannot be ruled out. This is a situation where the asset retests the upper side of the triangle pattern and then resumes the bullish trend.