BNB price rises and gains despite market decline
BNB price rises and gains despite market decline
Binance’s BNB price struggled to hold on to gains amid a bearish crypto market. The fourth largest cryptocurrency by market capitalization has gained more than 15% in the last 7 days. This comes as other currencies, including Bitcoin, try to trade in the green and make some gains.
BNB price rise and new gains
BNB price made decent gains against Bitcoin and Ethereum. Specifically, the coin gained about 5.02% over BTC and 5.71% over Ethereum. The coin is on track to retrace its 24-hour high of $340, as it was trading at $336 at press time.
BNB has all the ingredients to start a bullish rally in November, with the 7-day BNB price rally stemming from Binance’s participation in Elon Musk’s Twitter acquisition. CZ, the founder of Binance, hinted that BNB will serve as a payment method on social media platform Twitter.
Binance launched the Bluebird Index, which indexes payment options on Twitter
On November 2, it was announced that Binance Futures USDS-M Binance Bluebird Perpetual Contracts (BLUEBIRDUSDT Perpetual Contracts) will begin trading. Binance intends to provide up to 25x leverage on perpetual contracts. The new price index is produced by BNB, DOGE and MASK. Binance constructs the indicator using weighted averages of real-time values of coins generated on Binance Spot.
Miles Deutscher, a crypto expert, wonders if the CEO of Binance “CZ” hinted at cryptocurrencies that could be used for payment on Twitter. If Elon Musk implements Dogecoin as a payment option on Twitter, Binance may also try to add BNB support.
Czechoslovakia invested $500 million to help Musk buy Twitter. Then Binance launched the “Bluebird Index” which includes BNB, DOGE and MASK. Is CZ hinting that these assets are being used for Twitter payments?
When asked about supporting only one cryptocurrency on Twitter, the CEO of Binance CZ said that this is not a good idea. In addition to DOGE and BNB, CZ believes that Elon Musk may endorse other cryptocurrencies on Twitter. As Musk considers Twitter’s development plans after its purchase, Twitter’s support for cryptocurrency is likely to gradually emerge as a payment process.
BNB is trending bullish
BNB coin price has continued to rise since June, however, it fell in September after being rejected by a critical resistance level at $332. For the last six months, this price limit has remained constant till October.
Last week’s rally in the cryptocurrency market pushed BNB past resistance before settling at today’s $325 price. Investors can sell their shares if the price crosses $332 again as a multi-month breakout marks a new local top.
BNB may find it difficult to continue higher if it faces resistance in the $335 to $357 area. If the coin fails to break out, it is likely to drop to the support level around $299. With any further decline, BNB price will be forced to retest $259, a key support level. Speculators can take some profits at this level. However, long-term investors should hold the currency until it breaks the resistance level.
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