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Binance Coin (BNB) Could Move to $34 Soon. Here’s How

Analyst Team trader
Updated 29 Sep 2020

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Binance Coin (BNB) price has been enjoying another positive trade as it trades almost 8% higher since the beginning of the week.

Elsewhere, Binance cryptocurrency exchange launched Venus decentralized stablecoin system. It is developed on the native Binance Smart Chain to mint the decentralized stablecoin called VAI, supported by several BEP-20 tokens.

“VAI is minted by the same collateral that is supplied to the protocol. Users can borrow up to 50% of the remaining collateral value they have on the protocol from their vTokens to mint VAI. The collateral provided to Venus will be represented by vTokens (such as vBTC) which will enable users to redeem the underlying collateral as well as to borrow against it,” Binance said in the statement.

In layman terms, Binance describes Venus as a “regional version of Libra.”

Binance Coin is trading higher this week September 2020

BNB price is now trading above the weekly resistance that sits around $27. It is now likely that the buyers will want to test $29 next, while the 15-month high is located at $34 and represents a key target for the bulls.


The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.