If eBay Rumor is True, Binance Coin (BNB) could double to $40
  • Binance Coin (BNB) up 5.8%
  • Possible Partnership Between Binance and eBay

While there is no official confirmation, there are rumors that eBay may announce support for Binance Coin (BNB), one of the largest platforms in the world, and the resulting demand could push BNB to $42.

Binance Coin Price Analysis

Basics

At spot rates, Binance Coin is trading above $20, up 5.8% from last week’s closing price, which is rather bullish and an indication of how resilient Binance Coin (BNB) bulls are, even after the reputation-damaging hack.

For BNB, the native coin of Binance Chain and the intermediary of Binance, it was only natural that the price would fall following the $40 million theft. However, the recovery has been impressive, and BNB is rising as Changpeng Zhao updates the community on the progress and the system overhaul. Withdrawals and deposits resume today.

“Our team is making progress and has been working over the weekend. Over the past few days, we’ve made a significant overhaul of our systems, adding a number of advanced security features as well as completely redesigning them. We’ll share more details about some of the changes shortly.”

Still, what could give BNB an even bigger boost is eBay Offers Support for the asset. With 179 million users worldwide, the platform is one of the largest marketplaces in the world, so this support will undoubtedly help drive adoption and increase demand for the coin as BNB soars.

Candle stand arrangement

Binance Coin

Currently, Binance Coin (BNB) has been stable over the past 24 hours but is trading within a bullish breakout pattern. Despite a retracement in the first week of the month, bulls are correcting the May 10 undercut with a bullish trend resumption phase. Because of this, every dip will be a new buying opportunity for traders as they aim for BNB’s all-time high of $26.

Additionally, it is noteworthy that the price is reacting from the 61.8% Fib retracement level of the coin’s recent rally. With this supportive price action and bullish fundamentals, BNB is likely to rise in the coming days.

However, after the price rises above the May 13 high of $26, risk-averse traders could add to the mix, targeting $40 or the 161.8% Fib extension level between BNB’s all-time highs and lows.

Technical Indicators

The reference bar is the bullish bar of March 5th, which is a broad range and above the major resistance at around $12. A break above $26 would have to be on high volume above March 5th’s 4.88 million to move up towards $42.

chart Provided by Trading View

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