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Binance: What is BNB’s potential?

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Binance Coin is one of the top 10 cryptocurrencies in the ecosystem. In this content I will tell you what BNB’s potential is for 2020.

The Binance exchange does not stop innovating, almost daily we report from CriptoTendencia new initiatives. From futures trading, leverage for experienced traders, contests, and even your own stablecoins (BUSD), these are just some of the news from the past week.

Personally, I only use the Binance exchange for trading and investments, since it is highly liquid at all times. However, when it comes to Hold the best safeguard is the paper wallet, never forget.

BNB potential for 2020

In the fundamental aspect, the potential of BNB is very high, since the Token increasingly has more profits and liquidity. At the beginning the idea was to use it only for the payment of commissions within the platform, but over time its uses have been expanding.

It is one of the few TOP 10 Tokens that has Hold potential (apart from Bitcoin, obviously).

Turning to the technical analysis, it can be seen in the graph below that the BNB is trading far from its annual maximum of US $ 26.50, recorded back there on February 11.

BNB Potential - Evolution of Binance Coin in 2020
Binance Coin evolution in 2020. Source: Yahoo Finance.

Binance Coin came to trade at US $ 40, in mid-2019. This speaks clearly of the potential of BNB.

BNB started the year at US $ 13.70, trading at the time of writing at US $ 11.80, which implies a drop of 14%. It is not so much for the volatility that the cryptocurrency market has.

The Token has already demonstrated that it has the potential to rise high in favorable conditions for the ecosystem, so buying at this level can be an interesting investment in the future.

The key support is located at US $ 8.70, the annual minimum recorded on March 15.

In the event of an acceleration of Bitcoin as a safe haven in the face of the Coronavirus pandemic, BNB can be positively influenced, even with higher returns than BTC.

Conclusions

If you like short-term trading, BNB can be more than interesting, since its volatility gives business opportunities on a daily basis. On the other hand, if you are a Hodler, you can buy at this level and wait.

To finish, I think that BNB has great potential, I invite you to continue investigating all the opportunities that Binance’s digital asset offers.



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