Binance Coin price has just hit $68 on Binance for the first time ever. The digital asset is up by 52% since the beginning of February. This run is not necessarily surprising as BNB price was lacking in comparison to most altcoins and DeFi projects. Binance Coin basically acts like Ethereum as the Binance Smart Chain is built with it and users need to pay fees in BNB so it’s certainly not a surprise to see the digital asset explode considering it is backed by the biggest exchange and coins like Uniswap and Sushiswap have been performing extremely well.
BNB price can quickly hit $70
It seems that BNB price has no barriers on the way up and is experiencing 1-2% moves within minutes. The volatility of the digital asset is extreme and reached its all-time high trading volume at $1.3 billion which is significant since it’s not listed on many popular exchanges like Bitfinex, Coinbase, or Bittrex.
BNB/USD daily chart – TradingView
At this point, it’s hard to predict where BNB price is headed next. Using the Fibonacci retracement tool we can figure out several significant levels. The first will be $70 which is a psychological level, followed by $84 which is the -38.2% Fib level. The next is $89, which is basically $90 as the -50% level, and finally $100 which is a critical psychological level.
Unfortunately, it seems that the number of whales holding BNB has decreased over the past week. However, these are not significant numbers considering the insane price action. The number of whales with 100,000 – 1,000,000 BNB tokens ($6,800,000 – $68,000,000) has decreased by 4. It seems that large holders are taking profit, but again, these are not concerning considering the impressive run. In fact, one could argue that it is somewhat bullish as only a few whales have exited some of their positions.
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