Binance Coin has finally taken a step after over a week of tracking that could push its price back to recent highs
Fundamentals and past price development
With Binance Smart Chain (BSC) hitting the market in the past few weeks and growing in popularity as a DeFi platform, BNB has not gone unnoticed. Since every performance of the BSC depends on how people perceive and rate BNB, it is safe to say that Binance Coin’s fundamentals are improving day by day.
Changpeng Zhao, the CEO of Binance, posted a tweet showing that BSC is maintaining 2 times the daily transaction volume compared to Ethereum, while the underlying BNB token is only 1/5 of the market capitalization of ETH:
#BSC maintains roughly 2 times the daily broadcast volume compared to #ETH, while #BNB is 1/5 of #ETH’s total market cap. pic.twitter.com/0bZvopOM6o
– CZ 🔶 Binance (@cz_binance) February 26, 2021
BNB / USD daily chart price analysis
A retracement occurred after Binance Coin hit its all-time high of $ 368.29. This retracement could finally end after nine days after finding strong support at the 21-hour EMA, pushing its price up slightly. However, that might just be enough to push the price back to its recent highs. Additionally, the entire cryptocurrency market is turning green, suggesting that BNB will follow suit.
BNB / USD daily price chart. Source: TradingView
The BNB’s RSI in the daily timeframe is slowly decreasing towards the regular trading range, where the current value is 57.80.
BNB / USD Hourly Chart Price Analysis
If we zoom in on the hourly time frame, we can see that BNB has been following a descending line since February 24th. However, the recent surge managed to break above it and stabilize the price without falling below it again.
BNB / USD 1 hour chart. Source: TradingView
The NBB is currently trying to confirm its position above this level with both the descending line, the 21-hour and 50-hour EMA below it. However, not everything is in the hands of the NBB, as overall market movements have played a significant role in the past few days.