BNB price has made a strong recovery in the last few weeks as cryptocurrency prices recover. The token surged to $331, its highest since May 26th. Up more than 76% from its lows this year, the market cap has taken him over $53 billion.
Binance DeFi and NFT perform well
BNB is the native token of BNB Chain, one of the largest smart contract platforms in the industry. Formerly known as Binance Smart Chain, BNB is widely used to build applications across all industries, including decentralized finance (DeFi), non-fungible tokens (NFTs), and the Metaverse.
BNB has been used to build some of the industry’s most famous projects. Binance’s top applications include PancakeSwap, MOBOX, Venus and Alpaca Finance. BNB is also used to build BUSD, a stablecoin worth over $17 billion. It is also widely used in the Binance ecosystem.
BNB’s price has made a strong recovery over the past few days for several reasons. Cryptocurrency prices tend to be closely correlated.
Find out how to buy BNB here.
Second, the continued resurgence of the DeFi ecosystem has pushed BNB higher. According to DeFi Llama, the total amount locked is over $5.9 billion, which is above the year-to-date low of $4.7 billion. For most projects, he’s seen a 20% or more increase in TVL in the last 30 days.
Third, the company’s NFT project performance outperforms its peers. For example, sales increased from over $537 million in January this year to over $18.8 million in July. Sales reached about $4.2 million this month alone.
BNB price prediction
The 4-hour chart shows that BNB price has been in a strong bullish trend over the past few weeks. It climbed to a high of $331, about 76% above its low this year. The coin is supported by 25-day and 50-day moving averages.
It is also slightly below the uptrend line shown in green while the MACD is on the downside. Therefore, the coin may continue to move higher as the bulls target the next psychological level of $350. A break below his $300 support will invalidate our bullish view.