The price of Binance’s crypto, Binance Coin (BNB) has recently reached $700, bringing the market value over $100 billion. Binance Coin (BNB) is therefore on the verge of a significant breakout, driven by the increase in market volatility.
Let’s see all the details below.
The price of Binance crypto (BNB) reaches new highs indicating a potential breakout
As anticipated, the price of BNB has risen by over 10%, reaching 710 dollars and bringing its market value to over 100 billion dollars.
In recent days, the cryptocurrency market has shown signs of liveliness, with Binance Coin (BNB) leading the way. In the last 24 hours, BNB has seen an increase of over 10%, reaching 700 dollars.
This has once again pushed its market value beyond the threshold of 100 billion dollars, a level that had not been seen since early December 2021.
After a bullish action in the first two months, the Binance token went through a consolidation phase, oscillating between $568 and $635. During this period, the altcoin showed significant price volatility, as evidenced by its chart.
Currently, the price of BNB is close to testing a critical resistance level, and the outcome of this test remains uncertain.
The 50-day exponential moving average (EMA) has provided consistent support on the daily price chart, suggesting a positive outlook for the price of Binance Coin in the near future.
If the bull momentum continues, the Binance token should test the resistance level of $635. If the price manages to surpass this level, BNB could aim for its all-time high of $690.9.
However, if the market were to reverse the trend, the price of BNB could lose its bullish momentum and fall towards the crucial support level of $568 in the coming weeks.
Binance announces new trading pairs and the launch of the “Learn & Earn” program
Binance, one of the leading cryptocurrency exchanges, has announced the addition of new trading pairs to its platform. Starting from June 5, the exchange will open trading for the pairs HIGH/TRY, PEOPLE/FDUSD, and TNSR/USDC.
Along with the new trading pairs, Binance will also enable Trading Bots services for these pairs.
These bots are designed to automate trading strategies, allowing users to execute operations based on pre-set rules, particularly useful in volatile markets.
This improvement aims to provide Binance users with more sophisticated tools to manage their trading activities. Binance offers zero maker fees on FDUSD trading pairs until further notice.
Additionally, users will be able to benefit from discounted taker fees on all USDC spot and margin trading pairs, both existing and new. These promotions are part of Binance’s ongoing efforts to make trading more convenient for its users.
Binance has also announced the launch of the next round of its “Learn & Earn” program, which will take place from June 4, 2024, to June 18, 2024.
During this period, KYC verified users will have the opportunity to earn rewards in cryptocurrencies by completing educational courses and quizzes. To participate, users must ensure that their Binance accounts are KYC verified.
Once verified, they can read articles, watch videos, and complete quizzes to earn rewards until supplies last.
Each course can be completed only once, and users can earn a maximum of one reward for each completed course.