Price Analysis

Binance USD Trades at $1.00 with Strong Support at $0.99

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Binance USD—a stable coin issued by a massive ecosystem of Binance in collaboration with Paxos, which is centrally approved and modulated by the New York State Department of Financial Services. BUSD is a 1:1 USD-backed token of the global market and will, therefore, carry a price movement around $1 with a massive market capitalization of over $400 million.

BUSD has a massive use case as a stable coin with regard to transactions, payments, settlements, and Decentralized Finance. BUSD is accepted as payments against goods and services, as collateral against loan assets, as cross collateral in Futures and store token on any exchange or wallet.

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Binance USD Price News
BUSD/USDT Chart By TradingView

At the time of penning down this analysis, Binance USD was trading at 1.0002 against USDT with the highest mark at $1.10 in the month of March before the market crash due to the Pandemic. However, since then, the token is maintaining a flattish momentum over the past six months now against USDT.

The Bollinger Bands are seen squeezed due to no traction yet holds complete support from MA50 & MA200 around $0.99. The token has tested YTD support as low as $0.986 in March 2020 but has maintained a steady movement above $0.99—the major support area. The RSI is at 54.20, with no trading extremities hit presently.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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