Hey team,
With LeoFinance announcing CUB Finance or what the community is referring to as "LeoFi" on Binance, it's time to start looking at buying BNB if you're going to get involved.
As a result, let's spend our Sunday night taking a look at a few Binance Coin charts shall we?
Starting with the BNB daily chart below:
BNB Daily:
Looking at the immense rally that BNB has experienced in 2021, you could certainly be forgiven for thinking that you've somewhat missed the boat.
Here are a few reasons why that's probably not the right way of viewing BNB:
You're buying BNB to use in the LeoFi pool:
Just like ETH for Ethereum DeFi, BNB is needed for Binance Smart Chain DeFi.
You're not just speculatively buying and holding for no reason, you're buying to use it to provide liquidity in the CUB pool.
The fact that you need an equal amount of the chain's native token to participate in DeFi is what's driving the rally in BNB (+ ETH), and why I am so bullish on their future.
DeFi is only just beginning and is certainly here to stay.
Price has printed a pennant:
As you can see on that BNB daily chart, price has printed a juicy pennant.
As you can see on Investopedia, pennants are continuation patterns and in this case that direction is most certainly up.
If you beleive the first point to be true, this pullback from BNB's all time highs is most certainly a buying opportinity.
With that in mind, let's now zoom in and take a look at the intraday chart below:
BNB Hourly:
As you can see, price has pulled back to retest daily support and is just now starting to break out of the upper trend line.
Let's see if we get a momentum push on the back of this breakout, but as you can see from that chart, the writing has certainly been on the wall for a while.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.