Binance—the global renowned cryptocurrency exchange has now turned into a full extensive blockchain ecosystem to accelerate the freedom to trade and money. Binance platform is nothing less than an encyclopedic to trading in cryptocurrencies, and BNB has been everything a trader and investor would want as a newbie or a long-term HODLer.
It was just in the previous week when Binance completed 3 years of its existence, growth, and development in the crypto space and just towards the end of the last week, 12th Quarterly Burn of Binance Coin happened successfully. The coin is believed to be totally deflationary as the price has had no steep rise and falls.
#BinanceTurns3 – Freedom To Do More
Over the past three years, you’ve watched us grow from a cryptocurrency exchange into a comprehensive blockchain ecosystem.
Thank you for supporting us as we work to increase the freedom of money for all. pic.twitter.com/iylRHs8JTF
— Binance (@binance) July 15, 2020
BNB coin is such an investment that is surely going to reap good profits irrespective of its recent price movements and consolidation. The coin is seen drawing a downtrend. However, the steep falls are not recorded, and the recent event had led to the burning of $60,500,000 Value against which we believe the price will now take off as the supply has been diminished by 1.74% or 3,477,388 BNB.
— Binance (@binance) July 18, 2020
Moreover, Binance has been the most transparent exchange in terms of flowing out all the details for a fair trading and investor experience. The previous week at Binance was caught up with the above-mentioned BNB 12th quarterly burn with many other hits. Therefore, trading in the native token of the platform is a rescue against the highly volatile portfolio.
Last week @binance:
🔸 Binance Card launching in EU & UK
🔸 "Off The Charts" virtual conference
🔸 Burned $60.5M USD of #BNB
🔸 MENA expansion
🔸 #BUSD hits 1 Billion USD milestone
🔸 Quarterly Futures Market Maker Program
🔸 +21 more updateshttps://t.co/eDx1qCHaHf
— Binance (@binance) July 20, 2020
Binance Coin Price Analysis
BNB/USD at the press time was seen trading at $18.1 with a bullish intraday movement, and the positive opening at the onset of the week has led to a candlestick rise above 61.80% Fib Retracement level. Binance Coin after consolidation and flat curve around 61.80% Fib level for over two months was breached after 4-months after hitting $19 in the first week of the ongoing month. The 20-day BB is not holding any trading extremities, and the price trend of BNB Coin is seen around the upper BB as it trades above $18.
With an intraday gain of traction, Binance Coin holds complete support from 50 & 200-day daily MAs around $16. With the recent rush in the altcoin market, BNB failed to experience the steep surge and is believed to be having a momentum the same as Bitcoin, Ethereum, or XRP. Just as BTC is holding strong support at $9k and $8.8k while, a dip below it will lead to complete bearishness if it ticks down below $8.5k.
On the 24-hourly chart, BNB coin appears bearish as the technical indicators draw a negative divergence, and therefore, the signal line is seen crossing above the MACD line. The RSI of the Binance Coin reflects the intraday momentum and is seen inclined towards the overbought region at 61.61.