Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Binance Coin (BNB) is gaining traction among market participants actively trading the asset amid broader ecosystem uncertainty. This renewed interest from investors, after it battled a sell-off threat, could trigger a price rebound for BNB, as has occurred with its volume.
Optimism rises over BNB’s resilience
Per CoinMarketCap data, BNB’s trading volume has surged by a significant 31% to $2.24 billion in the last 24 hours. The spike comes as the asset’s downward journey reversed at $627.06 in earlier trading. BNB looks likely to maintain the slow upward climb in price action to lead the altcoin rally.
Analysts opine that investors in the space are looking to position themselves for a potential rally. The optimism flows from BNB's resilience over the last 30 days.
Yuri MolchanNotably, BNB plummeted to a low of $511.23 at the beginning of March due to bearish pressure. However, it rebounded soon after, breaching the $600 level, and appears to have found support at $625.
Some argue that BNB’s stability is partly driven by its utility across the Binance ecosystem and the broader crypto space. Users in the Binance ecosystem are active holders of BNB, which generally fuels price rebounds.
This uptick in trading volume and BNB’s resilience have led to speculation that the coin could kick off the rally among altcoins. Binance and its coin's stability and resilience could catalyze the rally.
What’s next for Binance Coin?
As reported by U.Today, Binance has become security-focused and keen on regulatory compliance over the years. This development has helped strengthen the exchange’s position in the broader crypto sector.
According to Richard Teng, Binance CEO, these core principles will always guide the exchange's launches, regardless of the product.
Gamza KhanzadaevAnalysts consider the reassurance to be bullish for Binance and its products, stating that investors are attracted to stability.
As of press time, the BNB price was changing hands at $629.34, staying $4 clear of the $625 support level. Investors remain active as they await a notable rally that may also rub off on other top altcoins.
Vladislav Sopov
Dan Burgin