BNB Accumulates Gains of 31% and Hits Historic High

BNB Accumulates Gains of 31% and Hits Historic High

It wasn’t just Bitcoin that broke its historic high this week. The Binance Coin , or BNB, also experienced a strong upward movement.

The cryptocurrency issued by Binance had a strong appreciation. In the last 24 hours alone, it has risen by about 31% at its highest.

With that, BNB surpassed the US $ 100 mark and reached its historic high. At the moment, the cryptocurrency has had a small setback, but remains traded above R $ 500.

The appreciation of BNB was so overwhelming that it even surpassed Bitcoin . This was highlighted by Binance’s CEO, Changpeng “CZ” Zhao, who celebrated the move.

At the time of this writing, Bitcoin has appreciated 18.36% in the last 24 hours. BNB, on the other hand, has an increase of 29.23%. In the last seven days, the increases were 32.58% and 79.87%, respectively.

Technical analysis

BNB is a token for paying for network transactions on the Binance Chain network. As more and more traders sought Binance’s services, BNB’s price soared.

Analyst Yashu Gola investigated the BNB movement. And its analysis was described in the graph below, which shows the movement of the cryptocurrency.

He said the cryptocurrency has maintained support over two crucial support areas. The first was the 20-day exponential moving average (the green wave). It prevented sellers from taking full control of the market.

Second, the 50-day simple moving average (the blue wave). This offered a barrier for buyers to recover the market.

However, the BNB rally took its Relative Strength Indicator (RSI) to an overbought zone. This is reflected by the RSI readings above 70 on the chart.

Binance invests R $ 12 million in new technology

One reason for the rise has to do with a $ 2.4 million investment by Binance Labs. The company invested in Plasm Network.

Plasm is a scalable smart contract platform for multiple virtual machines. It functions as a Polkadot sidechain .

This was Binance Labs’ first major investment. It has reserves of US $ 10 million, about R $ 53 million at the current price, dedicated to projects exclusively from Polkadot.

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