Binance Coin Surges, Ahead of Its 15th Token-Burning Event
April 12, 2021
It has been an unprecedented week for Binance Coin (BNB), as BNB investors win big. At press time, the third-largest cryptocurrency is trading up by 10% on the day and has broken a new record at $586. Binance Coin has gained more than 70% over the past seven days. Today’s rally brings the cryptocurrency’s year-to-date return to a whopping 1600%.
The recent surge in BNB price got triggered by the company’s upcoming token burning event. Binance CEO Changpeng Zhao announced via Twitter some hours ago, noting that it was the 15th burning event since the creation of BNB.
The Binance ecosystem and the Binance Smart Chain have continued to break new records every day for a long while now. The BNB has also rapidly been closing the gap on the second-largest cryptocurrency, Ethereum, since the beginning of the year.
Last week, Binance announced that the BSC hit a massive milestone after recording 5 million transactions in a day, 4x that of Ethereum. The low gas fees and lesser network congestion on Binance’s network have caused many projects to move their base from ERC20 to BSC. That said, the total value of assets locked in the BSC is now over $30 billion.
Key BNB Levels to Watch — April 12
Binance Coin is currently on a bullish roll, with no signs of a slowdown soon. With its current trajectory, we expect the cryptocurrency to break the $600 round figure over the coming hours. That said, any decline from its current level will get perceived as a dip-buying opportunity, which would propel the cryptocurrency higher.
The BNB should be in overheat mode at the moment, as it is now well in overbought conditions on our 4-hour MACD indicator.
Meanwhile, our resistance levels are $600, $650, and $700, and our support levels are $550, $500, and $450.
Total Market Capitalization: $2.1 trillion
Binance Coin Market Capitalization: $94 billion
Binance Coin Dominance: 4.4%
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