BNB price resumed its uptrend today, Aug. 28, as traders reacted to a recent staking ETF application, strong technicals, and its growing market share in the real-world asset tokenization industry.
Summary
- BNB price technical chart points to a surge to $1,000 and beyond.
- BSC Chain’s RWA value has jumped by over 344% in the last 30 days.
- There are rising odds that the SEC will approve spot BNB ETFs.
Binance Coin (BNB) jumped to a high of $876 as it attempted to flip the all-time high of $900. It has jumped by 73% from the year-to-date low of $500. Here are the top reasons the BNB price has more upside.
BNB price has strong technicals
Technical analysis suggests that the BNB price has more gains to go, potentially to $1,000 and above. The daily timeframe chart shows that the coin is sitting at the ultimate resistance of the Murrey Math Lines, suggesting that it may surge to $937 before it gets to the extreme overshoot level.
Murrey Math Lines is an indicator that identifies potential support and resistance levels based on an octave, with each line representing a specific fraction of the price range.
The Binance Coin price also remains above the 50-day Exponential Moving Average. It has also moved above the important resistance level at $792, the upper side of the cup-and-handle pattern whose depth is about 37%. Measuring the same distance from the upper side gives the target price at $1,090.
BSC is becoming a major player in RWA
Meanwhile, the BNB Chain is becoming a major player in the real-world asset tokenization industry. Data compiled by RWA shows that the total value locked in its ecosystem has jumped by 345% in the last 30 days to over $365 million.
This growth is notable because analysts predict that the RWA industry is still in its infancy and has more room to grow.
In this regard, the amount of stablecoins in the BSC Chain has grown by 4.5% in the last 30 days to over $7.79 billion. Stablecoin holders in its network have jumped by 2% to 45 million. This growth is likely to continue after the GENIUS Act is signed into law.
BNB ETF and token burns
The other reason why the BNB price has more room to go is that there are odds that the SEC will approve some of the applied ETFs. REX-Osprey applied the first BNB staking ETF on Wednesday, which may start trading soon, as it is similar to the REX-Osprey SOL + Staking ETF that has accumulated nearly $200 million in assets.
Binance Coin is one of the most deflationary tokens, with the network incinerating coins worth over $1 billion a quarter.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
