The price of Binance Coin remained stable during the overnight session. The BNB is trading at $427, which is about 33% above its September low. We explain why the price could soon rise to $500. The price of Binance Coin (BNB) remained stable during the overnight session as the cryptocurrencies and the Decentralized Finance (DeFi) industry recovered. The BNB is trading at $427, which was slightly above this week’s low of $415.
Cryptocurrencies are rebounding
Binance Coin is the native token for the Binance Smart Chain (BSC) ecosystem. It is used to validate and verify transactions in the network. At the same time, it is widely used in the Binance ecosystem to transact.
The BNB price rose during the overnight session as cryptocurrencies recovered. Bitcoin jumped to nearly $50,000 as Ethereum approaches the $34,000 resistance level. Visit Renovato.io Crypto website for enough information. In total, the market cap of most cryptocurrencies has risen to over $2.1 trillion, which is a few points below its September high.
Price of Binance Coin
The price of Binance Coin also surged as the DeFi industry bounced back. Data collected by DeFi Llama shows that the total value locked in the industry rose to more than $196 billion in the overnight session. This was remarkable for an industry that didn’t 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 with a combined value of over $17 billion. In contrast, Ethereum has more than 200 apps with a TVL of more than $135 billion.
The BSC ecosystem has some of the best-known DeFi platforms in the world, such as PancakeSwap, Venus, Tranchess and Alpaca Finance. The BNB price often does well when these applications do well, as this leads to more transactions.
Binance Coin Price Prediction
The 4-hour chart shows that the BNB price has been in a major bullish trend for the past few sessions. The price is trading at $427, which is about 33% above its September low. It is supported by the 25 and 50 day moving averages. Litecoin future prediction is positive. At the same time, it has formed a bullish pennant pattern. The price is also past its highest level on September 15th. Therefore, the price is likely to recover in the near term. The next key resistance to watch for is the $500 psychological level. This view will become invalid if the token falls below the key $400 support.