PayPal FOMO Pushes Binance Coin (BNB) To 3-Week High; What’s Next?

PayPal’s latest decision to launch a cryptocurrency checkout service included support for four digital assets: bitcoin, ether, bitcoin cash, and litecoin. Still, Binance exchange’s native cryptocurrency, Binance Coin, benefited the most from the global payment giant’s pro-crypto declaration.

Binance Coin, or BNB, surged more than 8 percent on Tuesday, hitting $304.39, the highest level almost three weeks after PayPal announced that its US customers could use their cryptocurrency holdings to pay at millions of its online merchants globally.

In comparison, bitcoin rallied up to 2.93 percent, and ether, the second-largest crypto after bitcoin, surged 1.89 percent.

Technical Breakout Underway

BNB’s latest upside move took its price out of its previous symmetrical triangle pattern.

In retrospect, Binance Coin entered a consolidation phase following its strong uptrend that saw its prices surged by almost $200. The cryptocurrency traded inside a triangle range later, with its daily volumes declining as the sessions matured.

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