Binance Coin (BNB) creates a new all-time high: What’s next?

Binance Coin (BNB) creates a new all-time high: What’s next?
фото показано с : invezz.com

2021-1-20 18:05

Binance Coin (BNB) is a cryptocurrency often overlooked by the investors as many consider it to just be a token used for reducing Binance Exchange trading fees. However, BNB’s recent price performance and the influx of BNB buyers is proof that it could be much more than that.

Fundamental analysis: the largest token burn in history wipes $165m worth of BNB tokens

BNB was originally a token launched through an initial coin offering in 2017 on the Ethereum network. However, the ERC-20 BNB tokens were swapped with the launch of the Binance Chain mainnet, therefore removing them from the Ethereum blockchain and putting them on their own blockchain. BNB is designed to be used as a payment method, a utility token that can be used to pay for fees on Binance, as well as for participation in token sales hosted by the Binance launchpad. BNB is also used to power the Binance DEX.

Binance Coin’s overall outlook is bullish for two reasons: the first one being the most recent coin burn worth $165 million of BNB tokens burn, and the second being the start of the altcoin season. Looking at its weekly performance, BNB has posted gains 8,26%, outperforming BTC’s gain of 1.18%, but falling short of ETH’s 23.61% gains.

The recent Q4 2020 BNB Coin burn removed 3.6 billion BNB tokens from circulation, therefore reducing the effective token supply. If we factor in the start of the altcoin season which brings more money away from BTC and into altcoins, we can see why BNB’s outlook is bullish.

At the time of writing, Binance Coin is trading for $41.45, representing a 39.52% month-over-month gain. Binance Coin is currently the 11th largest cryptocurrency by market cap, with the current value sitting at $6.44 billion.

BNB/USD technical analysis: gains eaten away by the market downturn

Binance Coin’s daily chart shows us the cryptocurrency’s uptrend that started in early December 2020, with its price recently reaching a new all-time high of $47.234. However, BNB bulls have seemingly reached exhaustion as the whole crypto market started dropping in value, and BNB pulled back over 14%, dropping below its 23.6% Fib retracement of $42.5 and then confirming its position under it.

Binance Coin has found strong support in its 21-day EMA, while its 38.2% Fib retracement level is also a strong protection from downside movement. On the other hand, its upside is heavily dependent on BNB bulls breaking the 23.6% Fib retracement.

BNB/USD daily chart

Binance Coin’s daily RSI has been hovering around the overbought territory for some time, only recently looking like it will move towards the middle of the range. Its current value is sitting at 59.92.

BNB/USD 1-hour chart

Binance Coin’s hourly overview shows how BNB skyrocketed after the Monday token burn, as well as how it slowly continued its path towards the new all-time high levels. However, the current downturn in the crypto sector was timed in such a way that BNB created a double top, which then triggered BNB bears to take over the market and drive the price down.

The post Binance Coin (BNB) creates a new all-time high: What’s next? appeared first on Invezz.

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Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 41.82 (-100%)

bnb binance coin recent price performance however

Источник: invezz.com

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