Binance Coin has been caught within the throes of a parabolic uptrend in recent weeks, with the price of BNB rocketing higher amidst a mixture of increased demand for the Binance exchange coupled with demand for Binance Chain.
This intense momentum has allowed the crypto token to form an incredibly strong weekly candle that will be closed later today, leading some analysts to expect significantly further upside.
One trader, in particular, is looking towards a continuation of this uptrend, explaining that it has allowed BNB to shatter a crucial technical resistance that was previously causing it to see an extended bout of range-bound trading.
The trader also notes that the strain the DeFi trend has placed on Ethereum is leading blockchain users to search for alternatives.
He notes that Binance Chain’s relative reliability may be one factor driving demand for BNB.
Binance Coin (BNB) Incurs Parabolic Momentum
At the time of writing, Binance Coin is trading up over 5% at