Binance Coin (BNB) is currently trading at around $29 following some consolidation after a minor decline since last week. Overall, price has remained mostly flat since last Friday after a pump to $34 on Tuesday was followed by a swift correction back to the $30 region.
The price of BNB came crashing down toward the end of June, dropping from around $40 to fall back below its 20-day EMA. Price hit a low of $24 before recovering towards the $28-$31 region.
Although sellers have been in control recently, price is now pushing up once again, showing signs the market is still looking for more gains. As long as BNB keeps up the momentum, I expect the coin to rally back to $40 and above over the summer.
Let’s take a look at the chart for BNB.
Looking at the chart above, we can see BNB recently dropped from $34 to about $28 before making a swift recovery back to the $30 range.
Current support can be found between the 20-day and the 50-day EMAs, as buyers are clearly supporting that price level. The short-term trend seems to be bullish, so I would expect Binance Coin 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 Binance exchange, I don’t see any reason for a further drop soon.
If BNB is able to hold above the 100-day EMA and price moves above $33, we should expect to see Binance Coin making a swift move towards $40 as there is still a lot of volume in this region.
About Binance and BNB
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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