Binance Coin (BNB) price has rebounded sharply in the past few days as the outlook of the crypto industry brightened. The token has risen for three straight days and is nearing the important resistance point at $600. It has jumped by 190% from its lowest point in September last year.
Binance ecosystem growth
Binance Coin price has jumped sharply as investors cheer its ecosystem growth and the ongoing crypto rebound.
There are signs that more developers are seeing to build on the chain recently. For example, Bitcoin Dogs, an upcoming cryptocurrency in its ecosystem, broke a record as it raised $13 million in its token sale within a month. Bitcoin Dogs was the first ICO in the BNB ecosystem.
Additional data shows that the BNB ecosystem is doing well. For example, the total value locked (TVL) in the ecosystem has surged to more than $8.3 billion, making it the fourth-biggest chain in the industry after Ethereum, Solana, and Tron.
PancakeSwap, the biggest DEX in Binance, has accumulated over $3.02 billion in total value locked. This TVL has soared by over 25% in the past 30 days. More data shows that the DEX platform handled over $597 million in transactions in the past 24 hours.
Read more: How to buy BNB coin.
APX v2, another BSC network, handled over $904 million, making it the third-biggest DEX in terms of volume in that period. The number of transactions in APX has been growing since its launch in August 2023.
The other top players in the BNB ecosystem are Venus, Binance Staked ETH, Lista DAO, and PinkSale. All these platforms have seen a double-digit increase in their TVL recently.
Other numbers shows that the Binance Smart Chain is doing well. The network has over 1.39 million addresses and over $17 billion in bridged TVL. It has over $4.80 billion in stablecoins.
BNB price prediction
The daily chart shows that the BNB token price has mirrored the performance of Bitcoin. It surged to a high of $644 this month and then crashed sharply to $500. Similarly, Bitcoin peaked at over $73,400 and then pulled back to $60,000.
BNP price has now recovered and is nearing the psychological point at $600. It has remained above all moving averages, signaling that bulls are in control. It is also in the process of forming a double-top pattern whose higher side is at $644 and the neckline is at $500.
In most cases, this double-top pattern is one of the most bearish signs in the market. Therefore, the outlook for BNB is bullish, with the next level to watch being at $645, which is about 10% above the current level. A break above that level will invalidate the bearish view of the double-top pattern and lead to more upside to $700.
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