Binance’s BNB token has struggled to keep gains amidst a bearish-looking crypto market. In the seven days since its market cap reached $42 billion, BNB token has earned more than 15%. This happens when Bitcoin and other popular tokens struggle to trade within the green zone.
BNB also has seen a significant increase in its value against Ethereum and Bitcoin as of this writing. The token gained around 5.02% against BTC, and about 5.71% against Ethereum. As it continues to recover its 24 hour high of $340, the coin will also be able to reach a new level. Trades up to $336. Press time
BNB is well-positioned to launch a bullish trend in November. The 7-day surge resulted from Binance’s involvement in the acquisition of Twitter by Elon Musk. CZ, Binance’s founder, now suggests that BNB could be used as a payment option on the social media site.
Binance Announces Blue Bird Index. It could be hinting at Twitter Payment Options
A blog announcement that Binance Futures will begin trading USDS -M Binance Bluebird Index permanent contracts (BLUEBIRDUSDT Permanent Contracts) was published on November 2, 2012. Binance will offer an leverage factor of as high as 25x in perpetual contracts. BNB and MASK will be monitored in the new price index. Binance generates the index using weighted averages of the component tokens’ real-time values on the Binance Spot, denominated in USDT.
Miles Deutscher, a crypto expert, wonders if Binance CEO “CZ” hinted at the crypto assets that could be used to pay on Twitter. Binance could consider adding BNB support to Twitter if Elon Musk adds Dogecoin as payment method. He said,
CZ spends $500m in Elon Musk’s purchase of Twitter. Then Binance launches a “Bluebird Index” comprising of BNB, DOGE, and MASK. CZ may be hinting that these assets could be used for Twitter payments (bluebird).
When asked about just supporting one cryptocurrency on Twitter, Binance CEO “CZ” said it wasn’t a good idea in yesterday’s AMA. CZ thinks Elon Musk might endorse other cryptocurrency on Twitter, in addition to DOGE and BNB. He believes Musk has been studying Twitter after the purchase.Source: BNBUSD chart on TradingView.com It’s also possible that Twitter’s support for cryptocurrencies as payment may be rolled out gradually.
BNB Making Bullish Moves
Since June, the price of BNB was bullish. After being rejected at $332, the key resistance level it had been trading on in September saw it fall. For the past six months, this price threshold has remained unbroken—until this October.
Last week’s last-minute crypto market surge pushed the token past the resistance before settling at today’s price of $325. If the price rises above $332, investors could consider selling their shares. The multi-month break would create a new local peak.
If BNB is not able to move up, it might be difficult for it There is resistanceIn the 335-357 range. The alternative currency will fall to around $299 if it fails to make the breakthrough. BNB could be required to revise $259, which is a critical support level, in case of further falls. Here, scalers can earn a few bucks. Long-term investors need to wait until this resistance is overcome.
Featured image by Pixabay, chart from TradingView.com