Binance’s BNB Coin Holds Gains When Most Coins Shatter
November 03 2022 - 4:13AM
NEWSBTC
Binance’s BNB token has struggled to keep gains amidst a
bearish-looking crypto market. The 4th largest crypto by market cap
has kept over 15% profit in the last 7 days. This comes when other
top tokens, including Bitcoin, struggle to trade in the green zone.
As of writing, BNB has also recorded quite a fair amount of gains
against Bitcoin and Ethereum. Specifically, the token has garnered
around 5.02% over BTC and 5.71% over Ethereum. The coin is also on
its way to retouching its 24-hour high of $340 as it trades at
$336, press time. Related Reading: These Key Factors Might Push
Ethereum To Outplay Bitcoin BNB has all the ingredients to start a
bullish run this November. The 7-day surge resulted from Binance’s
involvement in the acquisition of Twitter by Elon Musk. CZ, the
founder of Binance, has now hinted at BNB as a payment method on
the social media platform. Binance Launches Blue Bird Index,
Potentially Hinting At Twitter Payment Options On November 2nd, a
blog post announced that Binance Futures would begin trading USDS-M
Binance Bluebird Index perpetual contracts (BLUEBIRDUSDT Perpetual
Contracts). Binance intends to provide leverage of up to 25x on
perpetual contracts. The new price index monitors BNB, DOGE, and
MASK. Binance generates the index using weighted averages of the
component tokens’ real-time values on the Binance Spot, denominated
in USDT. Miles Deutscher, a crypto expert, wonders if Binance CEO
“CZ” hinted at the crypto assets that could be used to pay on
Twitter. If Elon Musk implements Dogecoin as a payment option on
Twitter, then Binance may look at adding BNB support there. He
said, CZ invests $500m to help Elon Musk buy Twitter. Then Binance
launches a “Bluebird Index” comprising of BNB, DOGE, and MASK. Is
CZ hinting at these assets being used for Twitter payments (blue
bird)? When asked about just supporting one cryptocurrency on
Twitter, Binance CEO “CZ” said it wasn’t a good idea in yesterday’s
AMA. Besides DOGE and BNB, CZ believes Elon Musk could endorse
other cryptocurrencies on Twitter. More than that, he thinks Musk
is studying Twitter following the purchase. It’s also possible that
Twitter’s support for cryptocurrencies as payment may be rolled out
gradually. BNB Making Bullish Moves The price of BNB has remained
bullish since June. However, it broke down in September after being
rejected by the crucial resistance level of $332. For the past six
months, this price threshold has remained unbroken—until this
October. Last week’s last-minute crypto market surge pushed
the token past the resistance before settling at today’s price of
$325. Investors could sell their shares if the price exceeds $332
again since the multi-month breakthrough would form a new local
top. Related Reading: Ethereum Price Extended Losses But It’s Too
Early to Say Bulls Have Given Up BNB might find it challenging to
advance higher if it encounters resistance in the $335 to $357
zone. If the alternative currency fails to break through, it will
likely drop to a level of support, around $299. And with any
additional decline, BNB would be forced to retest $259, a crucial
support level. Scalpers can make a few dollars here. However,
long-term investors should sit tight until the resistance level is
broken. Featured image from Pixabay and chart from TradingView.com
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