James Atkins
Editor
Editor
On the 4-hour chart, the Binance Coin bulls have pushed prices up to $215 after a short bearish correction.
This move has been accompanied by an increase in buying pressure as indicated by the Relative Strength Index. If this continues, the Binance Coin could test the $225 resistance level. Here are some key points:
Despite a lengthy bearish trend in the market, Binance’s (BNB/USD) has avoided decline. According to CoinMarketCap, the token is trading at $215.35, down 3.4 percent over the previous day and 10.72 percent over the previous week.
Bitcoin has lost 10.96% of its value in the past week, while Ethereum has gone down by 15.41%. Is this a sign that the Binance token might rebound soon? Or could it go even lower?
The Binance global expansion has not caused people to use the BNB token more. The original plan was for people to use it to get discounts on fees. But the BNB Chain’s auto-burn token mechanism has not caused the value of the cryptocurrency to go up.
The Binance DEX is not decentralized enough to be attractive to users who want to avoid centralized exchanges. Binance Chain’s Tether (USDT) token is also not as widely used as the USDT on Ethereum.
The Binance Launchpad has had some successful token sales, but most of them were for uninteresting projects. Binance itself has been selling BNB to buy back BTC.
The cryptocurrency’s past price data from CoinMarketCap shows a downward trend. In the last month, the token fell 28.7% to $303 from a peak of $303.
The price forecast for the next three months is $444, a decrease of 51 percent from its previous high of $644. The token has dropped 68% from its all-time peak of about $675.
The BNB token appears bearish according to the daily chart outlook. The token is currently trading at the support level, but it will likely turn the $327 price level into resistance.
The token had found support at $215 on multiple occasions in the past. Which is also the level of the 20-day moving average (MA). The descending channel has been in play since the Binance token hit an all-time high of $589.99 on June 26.
The price action indicates that the bears have the upper hand, at least in the short term.
The 20-and 50-day moving averages act as resistance to the upside. Suggesting that if the trend changes, there may be a period of consolidation. Furthermore, with the RSI at 36, BNB is set for a short-term price increase
Overall, the current price level is good for buying but only if you are sure that the price will go up. If it goes down, we recommend that you wait and not buy yet. If it goes below $215, the price might go down even more and you might lose money.
The Binance Coin (BNB) token has remained stable despite a bearish stance in the cryptocurrency market.
However, investors may profit from short-term price fluctuations before sentiment reverses. Traders should wait until the token has passed $215 to enter long.
Investors looking for an opportunity to buy Binance Coin can do so at the current level. A stop-loss order should be placed below $208. Binance Coin is currently trading at $215.65.
The Binance Coin token has been one of the best-performing digital assets in 2020. The BNB token is currently up by over 60% since the beginning of the year.
Binance Coin is currently the seventh-largest cryptocurrency with a market capitalization of $32.5 billion.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
