BNB Targets $520 Following Binance Bridge 2.0 Launch
Crypto Briefing | Mar 31, 2022 02:03AM ET
BNB Chain will host all Ethereum-native tokens with the new Binance Bridge 2.0. Binance Bridge 2.0 is set to make all Ethereum-native tokens operational on the BNB Chain. The update could increase the utility of the BNB token. BNB Chain’s utility could expand following the blockchain’s Binance Bridge 2.0 rollout.
Binance Bridge 2.0 launched on Mar. 29, allowing users to bridge assets from Ethereum to BNB Chain. The cross-chain bridge supports all assets listed on Binance, and those that are unlisted are supported as wrapped BTokens, which can be converted to the original asset at any time. One of the main benefits is that all assets can be stored in Binance without creating third-party wallets.
In launching the update, BNB Chain hopes to make DeFi activities more accessible by offering access to a faster, cheaper alternative to Ethereum, which is known for its high gas fees. All Ethereum-native tokens can now run on BNB Chain and can be traded at low costs on PancakeSwap.
As the new cross-chain bridge aims to improve BNB Chain’s interoperability, BNB could be positioning itself for a bullish impulse. The token has risen by more than 20% over the past week and appears to have more room to rise.
From a technical perspective, BNB appears to have rebounded from the hypotenuse of an ascending triangle that developed on its weekly chart over the past year. Further buying pressure could push prices to the $523 resistance level or the triangle’s X-axis at nearly $670.
If BNB breaks out of the triangle, it could see a 73% upswing to $1,200.
Get The News You Want
While BNB continues to trade below $670, prices could continue to consolidate within the ascending triangle. Breaching the $376 support level could invalidate the bullish thesis and steep correction to $211.
Original Post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.