Binance Coin price continued its strong recovery, driven by increasing volumes on its decentralized exchanges, higher sales of non-fungible tokens, anticipation of the launch of Changpeng Zhao, and positive technicals.
The price of Binance Coin (BNB) rose to a high of $616 on Friday, September 27, its highest point since June 27.
Data shows that the BNB Smart Chain ecosystem is thriving. According CryptoSlamsales of its nfts increased almost 40% to $4.1 million in the last seven days. Its weekly increase was the second largest, after bitcoin, which rose 78% to $21.8 million.
The most popular nfts on the chain were Luxewalker, Primary Energy Pool, AkitaNFT, and Paraluni Perpetual Bond.
More data revealed that BNB decentralized exchange volume jumped by 52% in the last seven days to 5.2 billion dollars. BNB has become the third largest blockchain for DEX, behind ethereum and Solana, which processed transactions worth $8.45 billion and $6.53 billion, respectively.
The largest BNB DEX networks were PancakeSwap, Dodo, and Uniswap, which handled tokens worth $4.4 billion, $364 million, and $247 million, respectively.
Total BNB DeFi Value Locked has increased by more than 13% in the last 30 days, a better performance than ethereum, Solana and Tron.
Another catalyst for Binance Coin's rise is the growing anticipation for Changpeng Zhao's release after serving his four-month sentence. Zhao is the largest BNB holder, with the top ten wallets holding 75% of the chips. Analysts expect that BNB and other cryptocurrencies can rebound strongly when it is released.
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BNB price has formed an inverse H&S pattern
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Meanwhile, Binance Coin has formed a rare bullish chart pattern that could push it higher. It has formed an inverse head and shoulders pattern, shown in blue in the chart below. On Friday, the BNB price was close to its neckline.
It has also formed a small bullish flag pattern, a popular continuation signal. Furthermore, it remains above the 50-day and 100-day exponential moving averages. Therefore, a break above the key resistance point of $617 could signal further gains, which could take the price to the year-to-date high of $721, which is about 20% above the current level.
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