Binance Coin price has done well in the past few weeks. BNB rose to a high of $322, which was about 25% above the lowest level last month. It has outperformed its key peers like Solana, Tron, and Polkadot. This growth is due to its active ecosystem growth and the recent Twitter buyout by Elon Musk.
Binance Coin price has done well after Elon Musk completed his acquisition of Twitter. He paid $44 billion for the social media company. Some of these funds came from his own cash while others came from Twitter’s debt and from banks. At the same time, Musk raised some funds from investors like Larry Elison of Oracle and Binance.
Therefore, BNB price rose because investors expect that Twitter will use the BNB Smart Chain for its future development. For one, Musk has said that one way of scaling Twitter is by using blockchain technology. It could use it to launch its finance and NFT products. It also rose simply because Binance was involved in the purchase.
The BNB price rose because of the strong ecosystem growth. A closer look DeFi Llama shows that its DeFi total value locked (TVL) has surged by 11% in the past 30 days. It now stands at $8.6 billion, which is much bigger than Tron’s $6 billion. This growth was helped by Venus and Wombat Exchange which have grown their TVL by 65% and 82% in the past 30 days.
The four-hour chart shows that the BNB price has been in an upward trend in the past few days. It has moved to the first resistance of the standard pivot point. The coin seems to be forming a bullish flag pattern that is shown in green. It is also being supported by the 50-day moving average.
Therefore, there is a likelihood that the Binance Coin price will have a bullish breakout in the coming days. If this happens, the first key level to watch will be at $338, which was the highest point last week. A drop below the support at $314 will invalidate the bullish view.
This post was last modified on Nov 03, 2022, 04:03 GMT 04:03