$BNB BNB is the native token of Binance Exchange. Binance Сoin (BNB) is a cryptocurrency designed by the eponymous cryptocurrency exchange. Based on the ERC-20 standard, Binance Coin was established with the Ethereum technologies. The Binance Coin market cap is one of the largest on the market and the largest among the ERC-based tokens with over 1,3 billion dollars at the time of writing this article. BNB was developed to become a trading tool on the Binance cryptocurrency exchange. BNB-based transactions are subsidized by the exchange making the coin more attractive to use within it. Due to the large trading volume of Binance and its effective strategy on the new asset, Binance Coin was fast to become a major part of the industry. BNB price is supported by the large number of businesses accepting the coin as a form of payment. BNB price is gaining pace above the $650 support zone. The price is now showing positive signs and might aim for more gains in the near term.
BNB price is attempting to recover from the $620 support zone.
The price is now trading above $655 and the 100-hourly simple moving average.
There is a key contracting triangle forming with resistance at $662 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $655 level to start another increase in the near term.
After forming a base above the $620 level, BNB price started a fresh increase. There was a move above the $645 and $650 resistance levels, like Ethereum and Bitcoin.
The price even surged above the $660 level. A high was formed at $666 before there was a downside correction. The price dipped below the 50% Fib retracement level of the upward move from the $650 swing low to the $666 swing high.
The price is now trading above $655 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $662 level. There is also a key contracting triangle forming with resistance at $662 on the hourly chart of the BNB/USD pair.
