Long

Bullish on BNB

Updated

Binance is about to release its Binance Chain Mainnet upgrade, which will allow DeFi projects to migrate into Binance Chain.
DeFi projects are suffering from high fees on Ethereum, and binance is about to take over... it will be interesting to see if Binance will succeed in their mission to take over.
If that happens, BNB upside is big.

Note

Binance Smart Chain upgrade has been completed.
I expect within 1-2 weeks the launch of BNB staking.
Which will result for lower trading circulation supply (means less BNB will be available and trading). with existing buy demand and usage of BNB on Binance.com platform + the quarterly buyback and burn that Binance is conducting, the upside of this trade could be rewarding.
Without counting the fact that some DeFI projects will migrate or be built on Binance Smart chain, which will also create higher demand on BNB.

Note

As per the charts, BNB is trading above the 0.002040BTC support level.
If we close today above it, we might see the move up next week.
otherwise, we might be testing the 0.00195-00.00197 levels

Note

BNB dipped to the 0.0018BTC levels when bitcoin flash crashed, but the recovery was the quickest right after Binance announce their first Defi Staking launch.
Aka, what I have been talking about, this means BNB is up because of fundamentals.
While the majority of alts are bleeding the BTC value, BNB is holding strong.

Note

I expect several more Defi project to launch on Binance with yield farming in the upcoming weeks or months. this will generate an insane amount of trading volumes in Binance. pushing the target of buyback and burn to anywhere above 100M BNB to be burned.

Note

BNB/BTC continues the strong move. and hit ATH of 0.0024289 satoshi.
Moving towards the 0.0026 1st Target

Note

Update on twitter: twitter.com/hmazawi/status/1308399853601468416

Note

BNB is back above 0.00244 satoshi, quick recovery compared to most alts.
next target is 0.00266 satoshi.
The support line should/might be tested again at 0.00244.

hosammazzawi

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