BNB Price Soars 17%, Time to Buy? 🤑
• Binance Coin (BNB) has seen a 17% increase in its value this week.
• The surge is likely due to Uniswap deploying on the BNB Chain, as well as an overall crypto market recovery.
• Technicians suggest that a break of current annual highs could lead to a further 20% rally back to November highs near $400.
Binance Coin Price Prediction
Binance Coin (BNB) has been on the rise this week, with prices bouncing up by 17%. This surge is likely thanks to Uniswap deploying on the BNB Chain, as well as a general recovery in the crypto market.
Uniswap, one of the largest decentralized exchanges, has now officially launched on BNB Chain. This move will improve user service and boost accessibility and liquidity. Thanks to BNB Chain’s high speed and low fees, users can easily trade and swap tokens.
From a technical perspective, things are looking very good for BNB. Prices are trading far above all major moving averages after recovering from recent dips below its 200-day moving average at $287. Moreover, prices have broken out of a downtrend that had been capping movements since early February.
Prediction for Future Price Movements
Analysts predict that hitting new annual highs could open up doors for another 20% rally back to November highs near $400. Thus far investors have seen positive returns from their investments into Binance Coin.
Overall, it looks like there is potential for further growth in the price of BNB over the coming weeks and months. Investors should keep an eye out for news developments regarding Uniswap’s deployment on the BNB Chain which may spur further gains.