The rise of Ethereum (ETH) price above $2.6k in the past 24 hours played a crucial role in the bullish recovery for the Binance (BNB) coin. According to crypto data from Coingecko, BNB price gained over 2 percent in the past 24 hours to trade about $687 on Tuesday, during the late North American trading session,
As a result, BNB regained a market cap of over $100 billion, with a 24-hour average trading volume of about $1 billion. The notable surge in crypto FOMO significantly helped BNB price to regain bullish sentiment amid the highly anticipated altseason.
BNB Rises on Favorable Fundamentals
The rise and adoption of the BNB chain by mainstream users has heavily bolstered the success of its decentralized financial products. For instance, the PancakeSwap (CAKE) has continued to record historical daily volume following the notable mainstream adoption of the ecosystem’s tokens and memecoins.
According to market data from Defillama, the BSC network had a total value locked of about $6.5 billion and a stablecoins market cap of around $10.1 billion. Most importantly, the BSC chain recorded a daily average active users of about 2 million.
Short Term Targets
BNB price has gradually followed Bitcoin (BTC) price action in the past two months. In the past three weeks, BNB price has consolidated in a symmetrical ascending triangular pattern, with a crucial resistance level around $687.
As a result, it is safe to assume that the BNB bulls have been gaining more ground over the sellers in the past.
With Bitcoin price on the cusp of a major rally, catalyzed by heightened demand from institutional investors, BNB price is well positioned to rally beyond $687. Moreover, the four-hour MACD line remains above the zero line amid the growing bullish histograms.
As the four-hour Relative Strength Index (RSI) works on piercing the 70 percent level, BNB price is aiming at rallying above $790 soon.
