Binance Coin Price: BNB Enters Top Ten Cryptocurrencies After Outperformance

2019-2-7 18:14

Binance Weekly Chart – Source: Tradingview.com

The native token of the top cryptocurrency exchange Binance has entered the top ten cryptocurrencies by market cap.

Binance Coin, BNB, has managed to outperform all other top cryptocurrencies over the past seven days by a large margin.

Data from Messari show BNB appreciating 30.96% over the past seven days whereas most top cryptocurrencies such as Bitcoin, Ethereum, and XRP are recording losses over this period.

BNB Daily Chart – Source: Tradingview.com

BNB is approaching a key expected resistance point.

$9.30 was a support level for a number of months before price eventually broke during bearish declines in mid-November.

This was followed by a prolonged decline which resulted in the 2018 low forming in mid-December around $4.24.

Price has since been in an uptrend and has overcome several expected resistance points which were expected from the Fibonacci retracement levels between the November support and December low.

$9.3 will be expected to act as resistance if the price can continue to rise to this point.

$7.80 to $8.06 was a brief area of consolidation during the bearish declines in November and may provide support to price.

The low of today’s candle is around $8.06 indicating that it may be acting as support.

Key takeaways: BNB enters the top ten cryptocurrencies by market cap after outperforming all top cryptocurrencies. Price is approaching anticipated resistance at $9.3. Support may come into play between $7.8 and $8.06. Latest Binance News:

Binance Coin [BNB] Price Prediction: Does the Bearish Divergence Mean That We Just Made a Double Top?

Binance Users Can Now Use Credit Cards To Buy Bitcoin, Litecoin, Ethereum, XRP, Stellar & NEO

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Binance Coin Price: BNB Enters Top Ten Cryptocurrencies After Outperformance was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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