Binance Coin (BNB) is currently trading at around $27 following an 8% dump earlier in the week.
Overall, price has been on a downtrend since July, but BNB has still managed to stay above its 200-day EMA.
The price of BNB came crashing down toward the end of June, dropping from around $40 to fall back below its 20-day and 50-day EMAs. Price hit a low of $24 before recovering towards the $28-$30 region.
Let’s take a look at the chart for BNB.
Buyers are clearly supporting the $27 price level, but BNB is struggling to break the level of resistance around its 20-day EMA, with price being rejected from that level three times over the last month.
With the short-term trend seemingly recovering, I would expect Binance Coin to start pushing upwards again soon. After all, IEOs will be the next big thing in crypto – at least for the next year or so, much like the ICO hype during 2017.
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. Binance’s strategy of promoting its non-custodial service could also help the coin in the long term, as crypto enthusiasts care about how their funds are stored.
If BNB is able to push above the 100-day EMA and price moves above $33, I would expect to see Binance Coin making a swift move towards $40 as this is a key volume level.
However, with Bitcoin struggling to break out, the market may move sideways for a little while longer, with potentially further retracements if the price of Bitcoin falls further.
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 Coin 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.
More Binance Coin news and information
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.