Will BNB’s Recent Price Surge Sustain in the Long Term?
Binance recently expanded its loanable assets to enhance user borrowing flexibility, which has sparked a surge in BNB’s price.
BNB saw positive price action following the announcement of these new loan services by Binance.
Binance (BNB), a leading cryptocurrency exchange platform, has unveiled plans to expand its loanable assets through Binance Loans (Flexible Rate) and VIP Loan services.
This initiative aims to cater to diverse borrowing requirements, thereby enhancing user flexibility within the platform.
Purpose Behind the Expansion
By introducing new assets available for lending, Binance aims to maintain its position as a versatile provider in the evolving landscape of digital finance. This move comes amidst Binance’s legal challenges with the SEC and recent developments involving CEO Changpeng Zhao.
According to a press release by Binance:
- Binance Loans (Flexible Rate) now include: Bittensor (TAO), LayerZero (ZRO), and Lista (LISTA).
- VIP Loan offerings now include: Bittensor (TAO), COTI (COTI), LayerZero (ZRO), Lista (LISTA), Portal (PORTAL), Sleepless AI (AI), and Vanar (VANRY).
To place new Binance Loans (Flexible Rate) orders via the Binance App, users need to upgrade to iOS v2.78.0 or Android v2.78.0, or later versions. Older app versions no longer support new orders.
Impact on BNB Price
This development has reversed the downward trend in BNB’s price. Currently, BNB is trading at $530.70, marking a 1.39% increase in the last 24 hours.
However, it’s noteworthy that while these new services have spurred a price increase, the Relative Strength Index (RSI) remains at 44, indicating bearish sentiment below the neutral level.
To surpass $600, BNB must breach immediate resistance at $559, signaling a sustained bullish phase and potential bull run.
Analysis by AMBCrypto using Santiment data reveals a decline in Social Volume and Weighted Sentiment, suggesting growing bearish sentiment surrounding BNB.
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