Binance Coin (BNB) targets $400 as the exchange introduces its first DeFi project

Key Takeaways:

  • Binance announced the launch of the first DeFi project on its platform.
  • Its native token BNB jumped to target $400.
Binance Coin
Binance announced the launch of its first defi project. Image from Binance

NEW DELHI (CoinChapter.com) — Cryptocurrency exchange Binance has moved into Decentralized Finance.

The exchange announced the introduction of the PancakeSwap Mini Program on its platform, Binance’s first DeFi project. Additionally, along with PancakeSwap, the platform announced the launch of the Binance DeFi Wallet.

Binance defined the wallet as “a non-custodial decentralized Web3 wallet within the Binance application.”

Binance users would need to update to the latest version of the app to create a DeFi wallet, transfer funds, or use DApps like PancakeSwap. The Mini program started rolling out on Mar 17. The crypto exchange would gradually roll out the update to all users over the next few days.

Also Read: Binance seeks expansion beyond the crypto sector amid heavy regulatory scrutiny.

CeDeFi is an important strategy for Binance’s development. As part of the strategy, the PancakeSwap Mini Program is only the beginning of integration of DeFi projects into the Binance ecosystem.

Mayur Kamat, Binance Head of Product, said

The cooperation with PancakeSwap would open the DeFi world for Binance users. The platform claimed the Mini program would provide new crypto users an easy way to engage in the Ce-DeFi experience.

Meanwhile, Binance’s native token Binance Coin (BNB) increased its gains in the current week, as the launch of DeFi on Binance’s platform pushed the token near $400.

Binance Coin's price action over the last seven days. Source: CoinMarketCap.com
Binance Coin’s price action over the last seven days. Source: CoinMarketCap.com

BNB began the week with a low of $359 on Mar 14 before moving to a high of $393 on Thursday, jumping 9.5% over four days. The Binance token had fallen out of the descending channel it had been moving in since Nov 2021 but re-entered in two weeks on Feb 4.

Binance Coin Price Charts

BNB’s price movement has been almost horizontal since Feb 2022. The Binance token’s recent uptrend brought its prices above the upper trendline of the descending channel. But bears seemed to have moved in to book profits, as BNB started Friday moving downwards.

If the sell-off continues, the Binance token would likely fall to immediate support near $378. A fall to immediate support would bring BNB back inside the descending channel, starting a price movement towards the channel’s support line.

Also Read: Binance is now officially legal — after being named in many illegal things.

Further sell-off could see the support at $362 come into play. Finally, BNB has been moving above support at $352 since the last week of Jan.

BNBUSD on the daily chart with descending channel and RSI. Source: Tradingview.com
BNBUSD on the daily chart with descending channel and RSI. Source: Tradingview.com

Conversely, if bulls manage to start an uptrend, BNB has immediate resistance near 50-day exponential moving average (50-day EMA, yellow wave) near $397. If BNB flips immediate resistance, the Binance token will move to challenge resistance at $413.

A sustained uptrend could see BNB challenge resistance from its 100-day EMA (violet wave) near $427.

Meanwhile, the relative strength index for BNB is neutral, clocking 50.56 on the daily charts. In detail, the RSI measures the magnitude of recent price changes to analyze overbought or oversold conditions.

At the time of writing, BNB was trading at $385, down 1.71% on the day.

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Binance coin, Binance Coin (BNB) targets $400 as the exchange introduces its first DeFi project

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