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 turned up from the support line of the symmetrical triangle pattern on May 20 and rose above the resistance line. This shows that the uncertainty resolved in favor of the bulls.

The BNB/USDT pair reached the pivotal overhead resistance of $635 on May 21. This level is likely to act as a stiff hurdle, but if the bulls do not cede ground to the bears, it will improve the prospects of an upside breakout. A close above $635 could clear the path for a rally to $692.

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