Binance Coin (BNB) Monthly Gain Exceeds 151% as Cartesi IEO Approaches

Since dropping to a 2020 low at $6.34 on March 13, Binance Coin (BNB) has been on an absolute tear, gaining 151.48% to reach a 4-week high at $15.93. Unlike Chainlink (LINK), the recovery has been slow and steady as BNB flipped systematically flipped multiple resistance levels to support. Aside from the strong oversold bounce that saw many cryptocurrencies snatch back the majority of their March 13 losses, news that Binance exchange will host an IEO for Cartesi starting April 21 could be partially responsible for the most recent leg of the pump to $15.93. Many Binance IEOs require investors to use BNB to participate so this along with the hype building up around the event could be fueling BNB purchases. On the daily timeframe, one can see that the current progression took place on multiple days of strong buy volume. Currently the relative strength index is at 60, projecting higher into bullish territory, and the Chaikin Money Flow shows buyers remain interested in BNB. Read More...

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