BNB Targets $520 Following Binance Bridge 2.0 Launch

Chain will host all Ethereum-native tokens with the brand new Binance Bridge 2.0.

Key Takeaways

Binance has launched a brand new cross-chain bridge.
The objective is to make DeFi accessible to a bigger viewers.
BNB appears to be like prepared for an incoming spike in value.

Binance Bridge 2.0 is about to make all Ethereum-native tokens operational on the BNB Chain. The replace might improve the utility of the BNB token.

Binance Bridge 2.0 Goes Reside

BNB Chain’s utility might increase following the blockchain’s Binance Bridge 2.0 rollout.

Binance Bridge 2.0 launched on Mar. 29, permitting customers to bridge belongings from to BNB Chain. The cross-chain bridge helps all belongings listed on Binance, and people which can be unlisted are supported as wrapped BTokens, which will be transformed to the unique asset at any time. One of many primary advantages is that each one belongings will be saved in Binance with out creating third-party wallets.

In launching the replace, BNB Chain hopes to make DeFi actions extra accessible by providing entry to a quicker, cheaper various to Ethereum, which is thought for its excessive gasoline charges. All Ethereum-native tokens can now run on BNB Chain and will be traded at low prices on PancakeSwap.

As the brand new cross-chain bridge goals to enhance BNB Chain’s interoperability, BNB may very well be positioning itself for a bullish impulse. The token has risen by greater than 20% over the previous week and seems to have extra room to rise.

From a technical perspective, BNB seems to have rebounded from the hypotenuse of an ascending triangle that developed on its weekly chart over the previous yr. Additional shopping for stress might push costs to the $523 resistance stage or the triangle’s X-axis at practically $670.

If BNB breaks out of the triangle, it might see a 73% upswing to $1,200.

Supply: TradingView

Whereas BNB continues to commerce under $670, costs might proceed to consolidate inside the ascending triangle. Breaching the $376 assist stage might invalidate the bullish thesis and steep correction to $211.

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