Binance Coin price jumped 33.5 percent to an all-time high of $ 148, after breaking $ 100 yesterday. BNB has gained over 200 percent last week and has become one of the best performing cryptocurrencies in the market. The BNB / USD price action surpassed selling pressure at the $ 80 and $ 100 levels, respectively, before surpassing $ 120 and rising to an all-time high.

 

 

Ethereum network clogging spurs the Binance chain

The spectacular Binance Coin price surge enabled the Binance Smart Chain local token to hold Ethereum on a daily basis. The magnificent growth of BNB is largely due to the increasing popularity of the Binance Smart Chain, as the Ethereum network becomes clogged with transactions due to increased transaction fees. The Binance chain’s increase in transaction fees by over $ 300,000 explains the increased demand.

The BNB / USD pair opened the day at $ 107,3496 before rising more than 30 percent to $ 148. The daily price range is $ 107.28 – $ 148.40 and the 24-hour trading volume is $ 7.5 billion. Currently, BNB is trading on the Binance exchange at a market price of $ 127.56 after correcting the new ATH.

 

The Binance price rise gained momentum after leaving a descending channel with selling pressure near the $ 70 price level as seen in the chart above. BNB gained momentum, breaking over $ 120 and $ 130 to set an all-time high. However, the BNB bulls’ attempt to reach $ 150 hit a brick wall, and the coin has since returned below $ 130. BNB has support around $ 125 and $ 120. The first critical support is at the $ 115 price level, which is expected to prevent further loss if BNB falls further. The next support is at $ 100.

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On the upside, further resistance beyond $ 150 is at the $ 160, $ 170.9 and $ 182.87 price levels. With the increasing popularity on Binance Smart Chain, it may not be long before BNB sees its all-time high beyond the $ 150 price level.

Until the Ethereum network resolves the large transaction fee problem, the Binance chain seems to be an ideal choice for completing transactions due to its low fees and high speed. Although the Binance chain is not as decentralized as many users would prefer, it turns out to be the ideal choice when the Ethereum network demands more transaction fees to traders than the amount traded. Moreover, being a Binance product makes it even more popular due to the exchange’s great reputation in the industry.

Meanwhile, Binance voluntarily withdrew its libel case against Forbes Media LLC just three months after it was filed. In November 2020, Binance sued Forbes, alleging that the media company spread false claims through an article written by reporter Michael del Castillo and Jason Brett. The world’s leading exchange has asked Forbes to pay for the damage and remove the alleged article.

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