Binance Coin is approaching an all-time high…What are the reasons behind its rise?
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Answer Binance Coin is approaching an all-time high…What are the reasons behind its rise?
The price of the cryptocurrency Binance recently increased significantly and was able to break the resistance of the $500 level, bringing its value to more than $660, and there is not much left for it to reach its previous peak.
Reasons for the rise in the price of the digital currency Binance BNB:
Perhaps the reason that indirectly caused the price of the Binance coin to rise is the recent burning process announced by the platform at the end of last month:
Find out the difference between the last BNB digital currency burning process and the previous ones!
Binance, the world’s largest cryptocurrency exchange by trading volume, has also announced a multi-year partnership with one of Europe’s top professional football clubs, FC Porto.Read:Learn about the lending services between individuals in the world of bitcoin and digital currencies
As an official fan code partner of “FC Porto,” the club’s digital “PORTO” token will be released via the Binance Launchpad, thus taking the brand to new heights, creating more meaningful fan engagement, and enthusiasm for the club’s fans.
This will be achieved through unique engagement-based rewards, and more.
The partnership will bring a lot of awareness to the Binance brand as well, as the Binance name will be printed on the back of the “FC Porto” shirts, which the club’s players will wear for the 2021-2022 season, and later on the shirt sleeves in subsequent seasons.
The “PORTO” code will provide fans with innovative ways to interact with the club.
In addition, the digital currency token PORTO will be available to Binance users via the Binance IPO platform, which we have previously covered in previous articles on Arab Bitcoin:
Learn about the new subscription of the “FC Porto” coin on the Binance IPO platform
Binance’s recent partnership with FC Porto has caused quite a stir in the cryptocurrency market.
For chart analysis and identification of potential continuation patterns as well as large support and resistance setups on BNB/USDT and BNB/BTC charts quoted from Source It came as follows:Read:US SEC files first lawsuit against DeFi for fraud…Details here
Binance Weekly Chart Analysis “BNB/BTC”:
Binance against Bitcoin entered the sideways market structure after rallying 1,000% from its low on January 4, 2021.
The hidden bullish divergence pattern on May 17, 2121 confirms the demand for BNB coin, while the RSI continues to move above the 25 level.
The second hidden bullish divergence confirmed the rally of the BNB/BTC cryptocurrency pair, which favors BNB.
Binance Weekly Chart Analysis “BNB/USDT”:
The bearish divergence patterns on May 10, 2021 indicated a price crash on May 17, 21.Read:Coinbase launches a bank card that allows you to buy with cryptocurrency
However, the bulls quickly jumped to save the day after the weekly price chart launched a hidden bullish divergence pattern at the end of the same week.
The second hidden bullish divergence pattern indicated in conjunction with the Japanese candlestick pattern on September 20th showed increased bullish momentum and demand for BNB, pushing the coin higher.
The price levels of the digital currency BNB during the day:
- Spot price: $661.
- mid-term trend [H4]: strong height
- Volatility: high
- Support: $600 and $590
- Resistance: $670
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