Binance Coin (BNB) is currently trading at around $24 following some consolidation over the last couple of days and a recent drop of 4% in price. This follows a price increase of almost 15% against the dollar since early April 2019.
Although sellers have been in control for the last few days, price hasn’t dropped substantially. On the contrary, price has been consolidating nicely. I therefore expect buyers to regain control soon and push BNB upwards.
Also, despite the recent 7,000 BTC hack, Binance has been able to shake off any lasting impacts pretty easily. CZ was quite the gentleman when he took to Twitter to address the issue just a few hours after it happened. We still can’t say for sure whether it was indeed a hack or an internal mistake, but whatever it was, it seems water under the bridge now.
Deposits and withdrawals are back up and running and so are traders. Let’s take a look at how BNB is performing.
Looking at the chart, if BNB is able to find new support around $23, we could soon see a run towards new highs well above $30. However, a further drop could also happen due to the thinner volumes we’re currently experiencing. Current support can be found close to the 20-day EMA around $20, as buyers are clearly supporting that price level.
The short-term trend seems to be bullish, so I would expect Binance to keep pushing upwards. After all, IEOs will be the next big thing in crypto – at least for the next year or so.
As BNB is the go-to coin for investment in crypto-seed companies within the exchange, I don’t see any reason for a drop soon.
About Binance
Binance is currently the world’s second largest cryptocurrency exchange, with around $6 billion in assets traded in an average seven-day period. Binance’s rise to the top has been swift. Since its launch in July 2017, Binance has grown at a rapid rate. Binance was one of the first exchanges to reactivate user registrations at the peak of the 2017 bull market.
Binance is also the name of a cryptocoin (BNB) traded and used on the Binance exchange. Since the ICO, the value of BNB has risen with the growth of the exchange. BNB is now among the top 10 cryptocurrencies in the world by market cap.
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