BNB Coin Pumps 17% – Is it Time to Buy?

• Binance Coin (BNB) has seen a 17% surge in the past week, partially due to the news that Uniswap, the largest Decentralized Exchange, has deployed on the BNB Chain.
• Technicians expect that if BNB breaks through current annual highs of $330s, it could rally back to November highs near $400.
• With the crypto market stabilizing and RSI on the verge of hitting overbought territory, a further 20% surge may take some time.

What’s Going On with Binance Coin?

Binance Coin (BNB) has seen a stunning rebound after tumbling to two-month lows late last week in the mid-$260s amid generalized risk-off across asset classes amid concerns about US bank failures. At current levels around $330, BNB/USD is changing hands close to 25% up versus last week’s lows. Part of this rally can be explained by optimism in the crypto market about US authorities’ response to bank troubles and crypto as a safe haven against trouble in traditional finance systems.

Uniswap Deployment Driving Price Surge

The price surge for BNB has been further driven by news that Uniswap, the largest Decentralized Exchange, has deployed on the BNB Chain which adds to its utility substantially. Analysts expect this will bring substantially more on-chain activity and increase demand for BNB even further.

Price Prediction

Things are looking very good for BNB from a technical perspective as it is trading above all major moving averages and breaking out of an established downtrend that had been capping it since early February. A test of February’s annual highs in the $330s seems likely at this point with potential for extending gains up to November highs near $400 if broken through those levels.

RSI Close To Overbought Territory

However investors should note that with Bitcoin consolidating and 14-day Relative Strength Index (RSI) on the verge of hitting overbought territory, any further 20% surge is likely to take some time before materializing.

Time To Buy?

With macroeconomic conditions buoying crypto markets combined with increasing utility for BNB driving prices higher, now may be an opportune time for investors looking to get into the cryptocurrency market or add exposure to their portfolios.