The price of Binance Coin (BNB) held steady in the evening session as cryptocurrencies and the decentralized finance industry (DeFi) rallied. BNB is trading at $ 427, slightly above this week’s low of $ 415.
Binance Coin is the native token of the Binance Smart Chain (BSc) ecosystem. It is used to validate and verify transactions on the network. At the same time, it is widely used in the Binance ecosystem to handle transactions.
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The price of BNB jumped in the evening session as cryptocurrencies rallied. Bitcoin jumped to nearly $ 50,000, while Ethereum is approaching the $ 34,000 resistance level. In total, the market capitalization of most cryptocurrencies has jumped to more than $ 2.1 trillion, which is a few points below its peak in September.
The price of Binance Coin also increased as the DeFi industry rallied. Data compiled by DeFi Llama shows that the total value locked in the industry rose to more than $ 196 billion in the evening session. This was remarkable for an industry that did not exist a few years ago.
The Binance Smart Chain ecosystem has the second largest market share in the DeFi industry. It has more than 100 apps that have a combined locked value of more than $ 17 billion. Instead, Ethereum has over 200 apps with a TVL of over $ 135 billion.
The BSc ecosystem has some of the best known DeFi platforms in the world such as PancakeSwap, Venus, Tranchess and Alpaca Finance. BNB pricing often performs well when these applications perform well because it generates more transactions.
Binance Coin Price Prediction
The fur-hour chart shows that the BNB price has been in a major uptrend in recent sessions. The price is trading at $ 427, roughly 33% above September’s lowest level. It is supported by the 25 and 50 day moving averages. At the same time, it has formed a bullish pennant pattern. The price is also at the highest level on September 15.
Therefore, the price is likely to recover in the short term. The next key resistance to watch is the $ 500 psychological level. This view will be invalidated if the token falls below key $ 400 support.
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