BNB has been enjoying the 4th position on market leaders charts with a net market capitalization of USD 64 billion, and close to 98% of tokens are currently in circulation. Once further supply ends, the demand for BNB coins will ensure the rise of market value for BNB. This would bring in a positive trend for BNB that would ensure no other decentralized player threatens its market position.
With the Binance chain rapidly progressing in establishing new deals, BNB is all set to explode in the coming days. While the market sentiment is consolidative in nature, BNB is a functional token that demands respect and carries huge potential to drive Binance’s development in the coming years. Soon Binance’s success would be measured in the BNB token, which is witnessing a rise in enterprise investments.
Binance Coin Price Analysis
BNB’s consolidation barely impacts the overall sentiment on this blockchain. Price consolidation between $360 to $450 needs to be breached for a better trading action on this crypto token.
Buying sentiment seems neutral but has the potential to quickly turn positive or negative based on the direction of its breakout. However, traders should find more details here about the future of Binance Coin before entering into the trade.
BNB trading at $390 is halfway from both the upper and lower limit of the currently ongoing consolidation level. With 200 DMA curves ensured to remain in the upper limits, BNB will have a tough time surpassing this resistance level.
Before it challenges the 200 DMA resistance, BNB repeatedly misses out on attempting to breach the immediate resistance level of $440 as buyers are dumping their holdings and enjoying smaller profits. Under such a trading scenario, BNB needs to go through with its proposed plans to ensure success in rising market sentiment.
RSI has also tanked to 40s from near overbought zones, and until the sentiment changes to at least 60, buyers will mostly be waiting for the breakout to happen.
$324 has been strong support for any downtrend movement, which last time helped BNB scale to $680 levels in Sept 2021 within a month.
With present sentiment indicating a prolonged consolidation and lesser participation by prior investors, a breakout will quickly become the need of the hour.