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Binance Coin (BNB) Leaps with 22% Gains after Unveiling Project ‘Launchpad’

Yashu Gola
Updated
Binance Coin
Binance Coin

Binance Coin (BNB), the native token of Binance crypto exchange, posted up to 22% gains Tuesday as it entered the top ten crypto index.

The Binance-to-Dollar rate (BNB/USD) established its intraday high at 8.788 at the European session open. Earlier today, the pair opened at 7.158 as a part of its previously ongoing rally. On January 31, the BNB/USD was trading as low as 6.079, which brings the pair’s weekly gains up to 44.5%.

Binance Coin, BNB, BNB/USD
Binance Coin, BNB, BNB/USD

BINANCE COIN (BNB/USD) 1D CHART | SOURCE: BINANCE, COINMARKETCAP.COM

From a technical perspective, BNB/USD was previously trending lower inside a falling wedge formation. Ideally, as the wedge contracts and volume begins to go down, the underlying asset attempts a breakout action to the upside. On December 2, 2018, Binance Coin daily volume started picking up momentum after months of low trading activity. As it did, the price started to climb while setting its upside target towards the falling wedge’s resistance trendline.

Read the full story on CCN.com.