Key Points
- Binance Coin is once again testing the $1,300 resistance zone after a brief dip to $1,260.
- Binance Japan’s partnership with PayPay Corporation is fueling Binance Coin’s momentum.
After a short-lived decrease to $1,260, Binance Coin is back to challenging the crucial $1,300 resistance area.
This marks its fifth attempt in two days, and it is now trading at nearly $1,314, only 2.5% below its all-time high achieved earlier this week.
PayPay Corporation and Binance Japan Partnership
The renewed momentum follows the announcement of a significant partnership between Binance Japan and PayPay Corporation.
PayPay, a SoftBank Group company, boasts over 70 million users of its popular digital payment app.
The partnership aims to integrate PayPay’s cashless payment ecosystem with Binance’s blockchain technology.
Early initiatives include allowing crypto purchases with PayPay Money and enabling PayPay withdrawals for Binance users in Japan.
As part of the agreement, PayPay acquired a 40% stake in Binance Japan.
Experts suggest this alliance could hasten the development of secure, user-friendly Web3 financial services.
Binance Coin’s October Rally and Market Sentiment
Binance Coin has seen a 30% surge since the beginning of October, adding nearly $43 billion in market capitalization.
Analysts anticipate further growth as altcoins gear up for a broader market rally.
Optimism has been fueled by a post from Binance Chief Customer Officer Yi He, who hinted at the imminent launch of new products.
The Binance Wallet account responded, “Is everyone ready?”, sparking excitement among traders and investors.
This follows a recent announcement by YZi Labs of a $1 billion builder fund to empower developers on Binance Coin.
Market Analysis and Predictions
The daily Binance Coin price chart shows strong bullish momentum but also early signs of potential exhaustion.
The Bollinger Bands are widening, with price action currently near the upper band, a zone often linked to short-term overbought conditions.
The RSI suggests that the top crypto token is overbought and may face a temporary pullback toward $1,250 support.
A break below this level may trigger a correction to the $1,100–$1,150 range, where strong buying interest could emerge.
Meanwhile, the MACD remains in a bullish crossover, with widening histogram bars indicating sustained buying pressure.
If momentum continues, Binance Coin could retest $1,350 and potentially rally to the $1,500.
