• Binance Coin (BNB) has seen a slight recovery after a downturn, and is currently trading at $244.
• BMW and BNB Chain recently partnered to create a blockchain loyalty program, which will incentivize BMW Group customers.
• The BNB price is approaching a break out from a symmetrical triangle pattern, which could indicate the beginning of a sustained uptrend.
The cryptocurrency market has been in a state of flux over the past few weeks, with Binance Coin (BNB) being no exception. The native token of the popular cryptocurrency exchange has seen a downturn in price, though it has since recovered slightly and is currently trading at $244. This could be attributed to the recent partnership between BMW, one of the leading German car manufacturers, and BNB Chain and Coinweb. The collaboration seeks to add blockchain into BMW’s daily operations and create a loyalty program for customers.
The partnership between BMW and BNB Chain will be split into two phases. In the first phase, BMW will integrate decentralized tech into the company’s daily operations in order to eliminate the tedious paperwork. In the second phase, BMW will develop and operationalize a loyalty program in collaboration with Coinweb. The loyalty program will group customers in tiers, depending on their account status. Rewards will then be distributed based on customer actions over time, and customers will be able to use the rewards to pay for goods and services offered by the company. All transactions will be settled through the BNB Chain.
The news of the partnership has been well received by investors, who are hopeful that it will lead to further gains for BNB. As a result, the BNB price is approaching a break out from a symmetrical triangle pattern, which could indicate the beginning of a sustained uptrend. A green candle on the four-hour chart may indicate a potential 7.35% breakout from the triangle pattern.
Therefore, while the downturn in the BNB price has been concerning, the recent collaboration between BMW and BNB Chain may be the catalyst needed to propel the token to the moon. With the BNB price now approaching a break out from the triangle pattern, investors will be watching closely to see if it can break through the 50-day Exponential Moving Average at $245.8 and reach higher highs.