Binance Coin (BNB) Technical Analysis: Two Major Partnerships Boost Bullish Momentum

Binance Coin is holding on to its lead well today as the best performer out of the top 20 cryptocurrencies, while the vast majority of altcoins continue to slump in the red. Right now, BNB is up at 6.26% against BTC with NEM in at a close second, currently up 5%.

This week, Binance announced two new partnerships, one with the Chinese blockchain-based travel platform Tripio, and one with the blockchain-based virtual reality platform Decentraland; both of which will now promote the wider use of Binance’s native BNB cryptocurrency. The new strategic deal with Tripio will enable users to make reservations in over 450,000 hotels using BNB, and should help drive the mainstream adoption of Binance Coin as a digital payment system. The recent Decentraland partnership will allow virtual land buyers to purchase plots using BNB, in the second upcoming land auction scheduled next week.

So far this string of announcements has had a very positive impact on the asset’s price but will this pump last amid today’s falling market, or will short-term traders bank today’s profits and drive BNB back down? Let’s take a look.

This article appeared first on Cryptovest

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