On October 12, the exchange the world's largest Binance announced that it will spend an additional 1 billion USD for the growth promotion fund  Smart Chain (BSC).

The amount of 1 billion USD will be under the management of BSC Accelerator Fund, the fund that incubates the above projects Smart Chain nhằm mục tiêu thúc đẩy ứng dụng and digital assets.

Following that, October 22  ra mắt đề xuất giao thức cải tiến Binance mới, mang tên Binance Evolution Protocol (). Accordingly, this is a real-time fee burning mechanism like the one being used today on  . Its main goal is to make  more valuable and speed up the coin burning process.

BNB Price Towards $692 Target

  • Key Support Level: $516
  • Main resistance level: 600; 692 dollars.

rallied over 10% in the last 24 hours and broke out of $600 before being pushed back by the bears. The momentum from the bulls is still very strong so can break through this resistance and test the all-time high at $692.

This increase came after the price broke out above a large symmetrical triangle (in blue), which was successfully tested as support. Therefore, BNB is expected to be one of the best performing coins in the market at the moment.

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BNB-but-phase

BNB chart/ Daily | Source: TradingView

Technical Indicators BNB

Volume: The move higher is also supported by an increase in volume, which indicates strong buying power at higher levels. As a result, BNB could continue to move higher before any significant pullback.

RSI: The RSI has just broken out above 70 on the daily time frame, showing that the bulls are in control. However, when the RSI reaches 80, then traders should be careful as this is where the price has reversed in the past.

MACD: The MACD is in the positive zone and is increasing, favoring the continuation of the uptrend.

BNB chart/ 12 hour frame | Source: TradingView

Target

BNB's bullish momentum remains strong. As a result, BNB is likely to break above the $600 resistance and move towards its next target of $692.

Key support is found at $516, the September high.

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