The price of Binance Coin went parabolic this week as the network received some good news and continued to grow its ecosystem.
The BNB coin rose to a high of $695 on Thursday morning, its highest level since January 29. Similarly, PancakeSwap (CAKE) token jumped to a high of $2.76, up by 130% from the lowest level this month.
PancakeSwap Surges, AI Growth, Tapswap Airdrop
The BNB price has rebounded as the network experienced some positive catalysts. First, PancakeSwap, the biggest player in the ecosystem, has surged as the volume soared.
DeFi Llama data shows the network handled over $20.6 billion in volume in the last seven days. In contrast, Uniswap and Raydium handled $16.9 billion and $14.15 billion, respectively.
Second, the BNB Chain may see more demand this week after Tapswap launches its airdrop. Tapswap is one of the biggest players in the Telegram tap-to-earn industry, allowing users to earn tokens by completing simple tasks.
Unlike other Telegram mini apps that selected the TON Blockchain, Tapswap chose BNB, citing its low transaction costs, larger user base, and more advanced ecosystem.
BNB’s price also jumped after the developers intensified their artificial intelligence business. It launched an AI hackathon where developers will showcase their innovations and possibly gain access to funding.
Further, the Securities and Exchange Commission (SEC) is seeking a 30-day pause on the case against Binance. The SEC made the application, citing the upcoming regulations that may make parts of the original case legal.
BNB’s price has also jumped because of its strong fundamentals, especially the burning trajectory. The network regularly burns tokens worth over $1 billion each quarter, making the remaining tokens more valuable and its staking yield higher.
BNB Price Analysis
The weekly chart reveals the Binance coin price has rebounded in the past few days. This rebound happened after it crashed to $500 last week.
This price was notable, considering it was along the ascending trendline that connected the lowest swing since October 2023.
BNB price formed a doji candlestick pattern, a popular reversal sign, which explains why it has rebounded. A small body and higher and lower shadow, signaling that the price opened, characterizes a doji and closed at one level.
Binance coin price is now forming the handle section of the cup and handle pattern, a popular continuation sign. Therefore, it will probably rebound in the coming months and possibly surge to over $1,000.
READ MORE: BNB Price Has Crashed: Here’s Why Binance Coin Will Rebound
