BNB: Staying Above 15% Profit in a Bearish Market
The BNB token has not done well in recent days, despite the overall bearish market. In the last 7 days, it has managed to stay above 15% profit.
Binance's BNB token has struggled to keep gains amidst a bearish-looking crypto market. The 4th largest crypto by market cap has kept over 15% profit in the last 7 days. This comes when other top tokens, including Bitcoin, struggle to trade in the green zone. This is a great sign for Binance and its BNB token holders, as it shows that the token is still performing well even when the market is struggling.
BNB has been on a tear lately, recording gains against both Bitcoin and Ethereum. The token has garnered around 5.02% over BTC and 5.71% over Ethereum in the last 24 hours, and is currently trading at $336. If the trend continues, BNB could retouch its 24-hour high of $340 very soon.
BNB looks poised for a bullish run this November, thanks in part to Binance's involvement in the acquisition of Twitter by Elon Musk. CZ, the founder of Binance, has now hinted at BNB as a payment method on the social media platform, which could give the coin a boost in adoption and usage. With all the positive news surrounding BNB, it looks like November could be a very good month for the coin.
Binance launches Blue Bird Index, potentially hinting at Twitter payment options.
Binance Futures' new USDS-M Binance Bluebird Index perpetual contracts (BLUEBIRDUSDT Perpetual Contracts) will begin trading on November 2nd. The new price index will monitor BNB, DOGE, and MASK, and will be generated using weighted averages of the component tokens' real-time values on the Binance Spot, denominated in USDT. Binance intends to provide leverage of up to 25x on perpetual contracts.
I think it's great that crypto experts like Miles Deutscher are wondering about which assets could be used to pay on Twitter. I think it would be even better if we saw more adoption of crypto assets as payment options on Twitter and other platforms. It would help increase mainstream adoption of crypto and could potentially lead to even more innovation in the space.
CZ invests $500m to help Elon Musk buy Twitter. Then Binance launches a “Bluebird Index” comprising of BNB, DOGE, and MASK. Is CZ hinting at these assets being used for Twitter payments (blue bird)?
Binance CEO "CZ" said yesterday in an AMA that it is not a good idea to only support one cryptocurrency on Twitter. He believes that Elon Musk could endorse other cryptocurrencies on Twitter besides DOGE and BNB. CZ also thinks that Musk is studying Twitter following the purchase. It is also possible that Twitter's support for cryptocurrencies as payment may be rolled out gradually.
BNB Making Bullish Moves
It is clear that the market sentiment towards BNB is bullish, as the price has remained above the crucial $332 resistance level for the past six months. However, this October saw a break down in price, which could signal a change in the market sentiment. Only time will tell how the market will react to this development.
It is clear that the market is highly volatile and that investors are quick to sell their shares when prices exceed certain levels. However, last week's surge shows that there is still interest in the market and that prices could continue to rise. If the price exceeds $332 again, it would form a new local top, indicating that the market is still strong.
Binance Coin (BNB) is currently facing some resistance around the $335-$357 zone, which could prevent it from advancing further in the near-term. If the cryptocurrency fails to break through this resistance, it could drop back down to the $299 level of support. Further decline could then force BNB to retest the crucial $259 support level. While scalpers may be able to make a few dollars here, long-term investors are advised to wait until the resistance level is broken before making any moves.