PayPal FOMO Pushes Binance Coin (BNB) To 3-Week High; What’s Next?

PayPal FOMO Pushes Binance Coin (BNB) To 3-Week High; What’s Next?

PayPal’s latest decision to launch a cryptocurrency checkout service included support for four digital assets: bitcoin, ether, bitcoin cash, and litecoin. Still, Binance exchange’s native cryptocurrency, Binance entered a consolidation phase following its strong uptrend that saw its prices surged by almost $200. The cryptocurrency traded inside a triangle range later, with its daily volumes declining as the sessions matured. That — technically — raised BNB’s prospect of breaking the Triangle pattern to the upside.

Binance Coin breaks out of the symmetrical triangle channel. Source: BNBUSD on TradingView.com
Binance BNBUSD on TradingView.com

BNB promises bullish outcomes because Symmetrical Triangles are continuation patterns — they tend to push an asset in the direction of its previous trend. Technically, the token could surge by as much as the previous uptrend’s height (which is about $200). Therefore, the Binance burns a portion of its BNB treasury based on volumes. At the current burn rate over the last 12 months (LTM), there are six more years until Binance burns its maximum 100 million tokens. The next event is on April 15.

BNB Token Distribution. Source: Messari
BNB Token Distribution. Source: Messari

PayPal’s strengthening foothold in the cryptocurrency market expects to boost crypto adoption. Exchanges like Binance

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