- In a previous BNB/USDT analysis, Ethereum World News had postulated that the coin would retest $14.
- Traders and investors had been advised to keep an eye out for any bullish news that might propel BNB further.
- Coincidentally, the exchange acquired Coinmarketcap soon after.
- The coin has a short term resistance at $15.50. Will it break this area and continue on its upward trajectory?
The news of Binance acquiring Coinmarketcap (CMC) was evidently bullish for Binance Coin (BNB) in the crypto markets. This event marked another inflection point for Binance and further cemented the exchange’s position as a heavy-weight in the crypto industry. With the acquisition of CMC, 2020 might just be a year of larger crypto projects absorbing smaller ones in a bid to extend their market share as well as offer users more products and services.
Binance Coin (BNB) Breaks $14
Before news broke of Binance acquiring CMC, Ethereum World News had mentioned the possibility of BNB regaining $14 based on both technical and fundamental analysis. In the analysis dated March 31st, Ethereum World News had asked traders to be vigilant with respect to any news related to the Binance exchange.
As with all technical analysis, it is advised to also keep your eyes and ears on high alert for any fundamental factors that may turn the tides. They include news developments regarding the exchange or positive news related to winning the war against COVID19.
BNB has, in turn, reacted positively to news of Binance acquiring CMC and the additional news of countries around the globe expressing optimism that COVID19 can be beaten.
Can BNB Zoom Past its Next Resistance of $15.50?
Without adjusting our March 31st Chart, we observe the following.
- BNB/USDT is valued at $14.73 at the time of writing this.
- Trade volume has increased drastically since our last analysis.
- BNB/USDT broke the rising wedge (orange) we…