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Binance: Analysis of your BNB token


Today, in this review, we introduce you to Binance Coin (BNB), the world’s largest exchange token. You might know it better because of its label, and today it occupies 9th place in the top of the largest cryptocurrencies in the ecosystem.

BNB analysis: what is it?

It was issued in 2017 by the Binance exchange, in order to offer users a utility token. Mainly to get discounts for operations on the same platform, but it has expanded. Furthermore, his goal is the origin of his name as Binance Coin (BNB).

It was released in the form of the ERC20 token, but later became the native token of the Binance Chain.

It is currently used in different areas of daily life, from booking a hotel or paying for a plane ticket, to making virtual gifts and paying with credit cards.

Where and how to buy BNB?

Today, thanks to the great trust it has, Binance Coin is available on many exchanges. It is exchanged for other cryptocurrencies, or in some cases for Fiat money.

Being the native Binance token, the most recommended place to buy it is the exchange itself, since it is available there to be exchanged for more than 150 different cryptocurrencies, with the best transaction costs that you can get in the ecosystem.

To buy BNB with bank transfer in Binance, you first buy a stablecoin, like USDT. Then, use the cryptocurrency exchange to trade what was bought by Binance Coin.

In case of using a credit card to buy BNB, the exchange allows you to do it directly.

How to earn Binance Coin?

The most common way to earn BNB is through trading, mainly trying to predict high prices to exit, and enter when the price has fallen.

It should be noted that this token cannot be mined, and is only obtained through exchange.

Does Binance coin have a good future?

BNB has been one of the cryptocurrencies that has appreciated the most in recent years.

Its price increase since its inception has been really incredible, but it is no coincidence, it seems that the answer is an excellent teamwork behind the project.

Next, the minimum, maximum, and current price of this token.

Binance’s numerous partnerships in general is arguably one of the most important success factors for BNB, as it earns more usability in day-to-day transactions.

The burning of BNB is another factor that has supported the rise in its price. The token management team has already incinerated 50% of the total supply, and continues to do so permanently and gradually, dramatically decreasing supply, while the growth of the project is exponential.

BNB price analysis

Binance Coin (BNB) is currently trading at $ 15.12, and is up on a multi-week uptrend as is much of the ecosystem.

Like most cryptocurrencies, the recent abrupt drop in prices amid the Coronavirus advance, BNB was strongly affected. This event has left an intense bearish sentiment, which at any moment may continue to fall, mainly when observing the large time frames.

Technical analysis indicates that buyer exhaustion could trigger a further sharp drop, noting how the bears were in control of the important weekly trend, supported by a cross between the EMA of 8 and the SMA of 18.

Technical analysis of Binance Coin vs US Dollar. Weekly chart. Source: TradingView

From the daily chart, we can easily observe the upward trend that has developed in recent days, with current intentions to bring the price of BNB to at least USD 17.75, resistance that meets the 200-day SMA, currently bearish.

The bullish structure that has been developing is supported by the bullish cross of the 8 EMA and 18 day SMA. These moving averages are an excellent indicator to identify trends in a simple way.

At the moment, it is necessary to take into account that in the panorama there is a great selling force, so purchases should be made with caution, taking into account that nearby supports could be easily visited in the coming days.

Technical analysis of Binance Coin vs US Dollar. Daily chart. Source: Tradingview
Technical analysis of Binance Coin vs US Dollar. Daily chart. Source: TradingView

All our publications are informative, so in no case should they be adhered to as investment advice.

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