Binance Coin (BNB) price has continued to surge in anticipation of the upcoming Binance Launchpad IEO. BNB/USD is now trading over 10% this week after posting two strong weekly candles.
Fundamental analysis: A new DeFi project?Changpeng Zhao, the founder and CEO of Binance, posted a tweet saying the Binance Launchpad team has reviewed a list of promising candidates in the expectation of choosing one as the next IEO on the platform.
On this beautiful Sunday, our team and I just reviewed a few strong candidates for the next LaunchPad project. It's taken a while since the last one, but good things are worth the wait. Coming real soon. 👀👍
— CZ Binance (@cz_binance) July 19, 2020Before this, Binance Launchpad already initiated one crowdfunding campaign back in April. Since that event, BNB investors have been watching closely the company’s announcements for the next fundraiser.
After Zhao made the first announcement, the investors have been optimistic about the next IEO. Moreover, some of them have reminded the Binance team through social media to keep their promise about publishing details regarding the next crowdfunding campaign.
There were many rumours that the upcoming Binance Launchpad IEO is actually a DeFi project. The speculations are a result of the current DeFi hype and the recent announcement of the Binance Chain being interlinked with ChainLink.
CZ made the announcement at the same time when tokens were recording outstanding price gains thanks to a high number of DeFi projects. For example, Chainlink’s native token, LINK, soared by over 80% in that quarter.
A week before CZ’s announcement, Binance had its 12 token burn event. During the event on July 20, Binance destroyed 3,477,388 BNB, translating to US$60.5 million at that time, thus permanently eliminating them from circulation.
The event fueled BNB bullish prospects due to the classic demand-supply dynamics.
Technical analysis: The rally continuesBNB/USD has continued to soar this week. The digital asset has gained over 50% in the last 4 weeks on rumours that the upcoming Binance Launchpad IEO is actually a DeFi project.
It seems that BNB is now trading in equal legs as the buyers are attempting to replicate a bullish move that started in March. In essence, the magnitude of a bullish movement is equal to another movement (red lines) joined by a correction (blue).
Binance Coin weekly chart (TradingView) This is a bullish A-B-C move with the BNB currently in the final phase C. If this analysis is correct, it would mean that the bulls are pushing to complete the pattern near $27. It would also explain relentless BNB buying without a major correction.
SummaryBinance Coin investors remain optimistic about the new Binance initial exchange offering (IEO) announcement. In the meantime, the bulls are working on a bullish A-B-C, or equal legs, a pattern that could see the price hit $27 in the coming weeks.
The post Here’s how BNB price could hit $27 in August appeared first on Invezz.
