Renewed Momentum for Binance Coin (BNB) After Launchpool Update – What’s Next?
NAIROBI (Coinchapter.com) – Binance Coin (BNB) finds renewed momentum after the latest Binance Launchpool announcement. Renzo (EZ) joins the ranks as the 53rd project introduced on the platform. This development often leads to increased demand for BNB as users stake the coin to participate in these sought-after token launches.
Launchpool Fuels Demand
The staking period for Renzo (EZ) Launchpool will go live on April 24th, 2024, at 00:00 UTC. It will allow users to stake their BNB and FDUSD tokens in separate pools to farm EZ tokens over six days. Staking BNB has been a driving force behind the renewed momentum for Binance Coin. Binance Launchpools consistently attract substantial interest from the crypto community.
Binance has allocated 250,000,000 EZ tokens (2.5% of the total supply) as rewards for the Launchpool, with 212,500,000 EZ (85%) allocated to the BNB pool and 37,500,000 EZ (15%) to the FDUSD pool. This substantial allocation highlights the exchange’s commitment to incentivizing BNB staking and fostering the growth of promising projects like Renzo.
BNB Price Eyes $660 as Key Levels Loom
As of April 23rd, 2024, BNB, the native token of the Binance exchange, continues to display bullish momentum. Currently trading at $605.68, it has increased 12% over the past seven days. Its impressive market capitalization of $93.14 billion and 24-hour trading volume exceeding $1.6 billion underscore its dominance in the crypto market.
BNB/USD 1-day price chart. Source: TradingView
Technical analysis of BNB’s price action reveals a rising wedge pattern on the 1-day chart. This pattern, along with the recent crossover of the MACD line above the signal line, suggests a bullish trajectory. The next resistance level sits at $660, potentially achievable by the end of April. A successful breach of this resistance could propel BNB towards the wedge’s upper line at $790.
However, traders and analysts are closely watching crucial support levels. If the current $545 level fails to hold, the next significant support lies at $243. BNB’s price movements near these points will be closely scrutinized.
Binance coin Onchain data. Source: Artemis
Data from Artemis highlights BNB’s impressive performance. It boasts a market cap of $93.2 billion, outshining the Layer 1 average of $113.5 billion. Moreover, BNB’s daily transactions hit 3.8 million, exceeding the Layer 1 average of 3 million.
While the Relative Strength Index (RSI) for BNB indicates a neutral state with a value of 56, the Stochastic indicator also points to neutrality at 59.2. This suggests that neither buyers nor sellers have a strong hold on the market momentum, and BNB’s price could move in either direction.
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Filed under: Bitcoin - @ April 23, 2024 6:12 pm