BNB finally makes a positive breakout: Recovery is imminent!

BNB cryptocurrency is issued by the Binance exchange for facilitating transactions on the Binance platform and can be used to pay transaction fees on the exchange. BNB can also be traded on cryptocurrency exchanges and has a value that is determined by supply and demand. Binance is a popular exchange for trading various cryptocurrencies, and BNB is an important asset for platform users.

BNB is often used simultaneously with Binance Smart Chain, but there is a strong difference between the two. BSC was designed to be compatible with the Ethereum Virtual Machine and bears minor resemblance with the one that operates Binance Coin.

Although both are part of the Binance ecosystem, they serve different purposes. BNB is primarily used as a utility token on the Binance platform, while BSC is a standalone blockchain that is intended to be a platform for the development of decentralized applications.

The market capitalization of BNB has ensured it dominates the markets as one of the strongest cryptocurrencies. Despite the high volatility, the token hit its peak of $690 in May 2021, and even in January 2023, the value of $256 ensures this token holds a high spot in the crypto rankings.

BNB is currently testing its Einstein upgrade, where node operators will have to ensure certain changes in their open file limit to ensure their node syncs with the beacon chain after this upgrade is realized.

BNB made a strong breakout candle on January 4, which has now created the optimum time for some profit booking for BTST traders. While the downtrend has been a very limited decline, the outlook for BNB tokens has greatly improved in the last two weeks. Hopefully, 2023 will bring new life to this token value. Know how high will BNB trade in the year 2023 by clicking here!

BNB Price Chart

BNB tokens’ rise and fall have been highly consistent with little volatility. The peak reached in November 2022 has now become the target for fresh investors. With the intensity of the bullying rally seen yesterday, the token is set to move in a positive direction in the coming weeks.

The 100 EMA curve currently trades around $275, which brings a huge hope for a positive breakout and subsequent movement towards $320. RSI has systematically improved from the dip of 30 to the current value of 50.

Technically there has been a huge improvement in 2023; if we compare the price movement with 2022 and with the news of more upgrades to improve the scalability of this platform and BNB coin, there is a positive vibe across the BNB token. 

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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