The cryptocurrency exchange Binance has announced its new product, the Binance Visa Card, that will enable users to pay for goods and services with their cryptocurrencies, and it has taken the Binance Coin’s social engagement metrics to new heights.
As the exchange introduces Binance Card, 70% of all social interactions have been predicting a rise in the Binance coin BNB price. Technical indexes reveal that the BNB’s price is at a very crucial stage at the moment.
In its latest blog post, Binance announced the launching of Binance Visa Card and stated that this payment card would work just like the existing debit cards enabling the users to make payments for the goods and services with their BTC and BNB. As this card will be issued by the Visa, it will be accessible to more than 46 million merchants online and offline all over the world, making it very easy for the masses to benefit from it.
The crypto community has greeted this news enthusiastically as the BNB’s social engagement went through substantial spike with about 620,000 engagements, and the number of engagements kept on increasing till the next few hours.
With this news, Binance Coin has taken its place on the third spot on LunarCRUSH’s “ALTrank” with its swiftly increasing engagements. The Californian company examined the extent of community interaction all over the social media, including preferences, likes, comments, and many other statistics that played a key role in determining how well a community is engaged with a specific digital asset.
Big Binance Coin BNB price movement seems to be on the cards
Experts foresee an ascending triangle forming on BNB’s hourly chart. They believe that this technical pattern is the result of price action that has been observed in the last two weeks. The results showed a horizontal line as well as the occasional highs, but a rising trendline was clearly visible along with the lows.
Binance Coin BNB price chart by Trading View
While these ascending triangles show the prospects of turning in persistent patterns, there is also the risk of a reverse pattern. Breaking above the $13.2 resistance level could cause a breakout, while an increase in the buying pressure could increase its price over 42 percent. If authorized, its value could be worth $19, which is indeed something very exciting.
Due to the doubts that still surround the ascending triangles, it is necessary for traders to await verification before they take any long or short position. Only time will tell if there will be an increase in demand too after the rise in social engagement metrics.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.