BNB currently ranks 4th in the market capitalization of $46 billion, with 80% of BNB tokens entered into the circulation supply. Being the first token network to apply the deflationary scheme of burning tokens at repeated intervals.
By December 2022, Binance has already burnt close to 20% of its circulating supply of 100 million tokens showcasing it as a strong measure to control the inflation of cryptocurrencies and stay uptrending in the coming disruptive time. With the token values facing resistance near the $300 – $350 mark, we expect a major decline to consolidate around the $300 mark.
Binance Coin (BNB) Price Analysis
Binance Coin faced its first resistance at $340, followed by $317, establishing a negative trendline over the last month. The uptrend has been restrained by the 100 EMA curve, with prices stumbling near the $300 mark. Technicals showcase a declining interest in the token.
Analyzing the price action of BNB, we can address the growing discomfort of this cryptocurrency with the new fiasco in the markets where reputed tokens are losing their footing. The BNB coin predictions showcase a breakout potential at a current value of $290.
With the token values hitting fresh lows after August 2022, the outlook of BNB is facing trouble from both technical indicators and moving averages. MACD is trading at the precipice of positive levels, carrying a strong probability to decline. Support can be witnessed at the $260 mark, but the resistance of the trendline combined with 100 EMA rejections is creating the ideal scenario for positive action.
The RSI indicator is trending at the 50 mark carrying a highly neutral zone on the intraday candlestick pattern. The weekly price action showcases a growing consolidation between $260 and $320 value. Despite the rejections at peak values, BNB is getting strong support from the $260 level.