The Binance Coin price had a relatively good month in October as cryptocurrency prices rebounded. The BNB price moved from a low of $420 on October 1 to more than $520. This rally pushed its total market capitalisation to more than $86 billion, making it the 3rd biggest cryptocurrency in the world.
Ecosystem growth
The Binance Coin price jumped in October as the cryptocurrency industry rebounded. This performance was driven by the launch of BITO, the first Bitcoin futures Exchange Traded Fund (ETF).
Another key driver for the performance of the Binance Coin price was the strong ecosystem growth. Data compiled by DeFi Llama shows that the number of DeFi apps in the ecosystem was more than 140. Their total value locked (TVL) rose to more than $18 billion.
This number will likely continue growing considering that Binance announced a new giant $1 billion fund to help developers in the ecosystem. The fund will invest in decentralized platforms like DeFi, decentralized gaming, and non-fungible tokens (NFTs).
At the same time, data compiled by BscScan showed that the number of transactions in the network jumped sharply in October. The transactions rose to more than 11.5 million, which was slightly lower than the all-time high of more than 13 million. This is is notable since the number of transactions in 2020 was less than 100k. Some of the biggest platforms in the network are PancakeSwap, Venus, and Alpaca Finance.
Binance Coin price prediction
The daily chart shows that the BNB price has been in a bullish trend in the past few months. The price has also formed an ascending channel pattern that is shown in black. It has also moved above the 25-day and 50-day moving averages and is slightly below the upper side of the channel. The MACD has also moved above the neutral level.
Therefore, the outlook of the Binance Coin price for November is neutral with a bullish bias. This means that the coin will likely have a bullish break-out and then retest its highest level at $702. The view is in line with my previous BNB price forecast.
