Crypto trader Degen highlighted a bullish outlook for exchange token BNB after breaking out to new multi-month highs. He notes Binance Coin looks poised to continue running toward the $300 area initially after reclaiming the $260 resistance zone that had capped price action for most of the past six months.
Moreover, with Binance offering attractive staking yields for BNB holders via programs like Launchpool and Launchpad, holding the exchange’s native asset grows increasingly enticing. These perks likely serve to constrain BNB selling pressure during rallies.
Analysis by altFINS confirms the bullish structure, with BNB rallying to its highest level since May after overcoming resistance around the psychological $260 mark. That breakout helped confirm the resumption of the token’s core uptrend across timeframes.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +With the technical picture improving and holders incentivized to remain invested, BNB seems primed to keep outpacing the market, according to Degen. The firm move back above its 200-day moving average and out of its multi-month trading range points to sustained strength as Binance maintains its commanding lead among centralized exchanges.
If Bitcoin consolidation gives way to a more decisive upside, exchange tokens like BNB should capture strong inflows from traders migrating back toward risk-on allocations. After lagging the wider market for most of 2022, BNB’s breakout signals traders now rotate back into crypto market leaders at the start of the new year.
You may also be interested in:
- DeFi Investor Unveils Top Crypto Picks for the Week Ahead Including BTC, AVAX and These Altcoins
- Will Bitcoin Traders Bet on Bullish or Bearish Outcomes This Holiday Season?
- Bonk Surpasses $1 Billion Market Cap As Solana Sets New 2023 High. Can Meme Moguls Catch Up?
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.