BNB Close to Its Immediate Resistance; Will It Cross $260?
In 2019, Binance launched the Binance Chain, and in 2020 launched the Binance Smart Chain. Later, BNB became the native cryptocurrency coin of both blockchains. Until recently, BNB’s official name was Binance Coin, but in February this year, it rebranded to BNB, which stands for build and build. The Binance Chain and Binance Smart Chain also rebranded to become the BNB Chain.
The BNB Beacon chain was built using the Cosmos SDK, which means it uses a Proof of Stake blockchain with limited smart contract functionality that can process up to 10,000 transactions per second.
Whereas most cosmos-based blockchains have 100 validators, the BNB beacon chain only has 21, making it extremely centralized and fast. The BNB Beacon Chain is run by independent third parties.
BNB boasts of being a value-oriented cryptocurrency with many features and advantages over its predecessors. BNB carries a market capitalization of $38,802,997,806 despite a huge decline in market value since its peak of $654. Check out BNB price prediction to know the future price action of the token. Also, find out if it will be able to reach its peak or not!
BNB bounces back after taking support from under the $194 level. BNB would be scaling high after breaking the resistance level ahead of the current levels.
BNB has a steep price trend to follow and faces the resistive selling brunt at $260 and $330 levels. These levels are followed closely by the 100 Days Moving Average, which lies close to the stronger resistance level BNB failed to breach after the May 2022 decline.
The current price trend is supported by a rising RSI indicator along with the bullish crossover of the MACD line. Breaching the RSI level would bring a strong buying sentiment across the BNB token enthusiasts, pushing BNB closer to the $300 mark. Currently, trading prices are close to immediate resistance, and they should be dissolved in the next two days with good buying.
The current wick formation indicates the acquiring interest of buyers as RSI touched 43 on the histograms. Since transactional volumes have remained constrained in narrow zones, the probability of a breakout depends on just the uptrend momentum of major cryptocurrencies.
The previous rejection levels would surely create hurdles for any uptrending movement; hence one should invest in BNB only if they foresee growth in its acceptance in the future.