Home CryptocurrencyAltcoins Binance (BNB): To Buy or Not to Buy

Binance (BNB): To Buy or Not to Buy

by Pragati Shrivastava
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Binance coin (BNB) is currently trading at $17.72 and the coin has an overall historic ROI of over 9000 percent. When Binance coin was introduced to the market, it was a token that could be used for trading with earning benefits on Binance. But BNB isn’t limited to that anymore. It has found applications in several industries thanks to thoughtful and meticulously planned mechanics. Binance pioneered the discount token model, and invented Layer-2 and captured market share.

BNB token holders have a claim on Binance’s cash flow because the company buys back then burns BNB from the market every quarter with 20% of its profits. Thus far, BNB holders have received $125M in buyback-and-burn cash flows since its launch. Binance has been adding several cryptocurrencies to it’s launchpad too.

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Not really profound in any way, BNB is a stablecoin that is carving out use cases for its token. Of course, the main goal is Binance’s long term aspirations to increase the price action for BNB and preferably liquidate assets to get a higher market value. Binance will be the first company to start out centralized, achieve scale, and then decentralize itself, migrating value capture from Binance equity to the BNB token.

BNB is truly a token of the future as BNB pumps are orchestrated within the network and give the year a preferably strong start. The token investors have been enjoying a decent pump, gaining as much as 42% since the new year, 2020.

Be aware that trading is a zero sum game and market ninjas are waiting for a sustainable recovery to $18-$20 level. Looking at the candlestick chart we can predict that there was still space for more positive predictions and as the BNB/USDT pair heads downwards, there may be unrest.

BNB weekly chart predictions

The weekly chart view shows how the $16.5 price territory was a significant area to be conquered and it had provided much support for the price between the period of September – November 2019. After braving the first few months post crypto winter, BNB made a mark in the community and managed to drive prices up.

BNB daily chart predictions

The most active areas on the chart have been the first two weeks of January and the last two weeks of December. Price action may have involvement in confinements of a bearish flag structure. Market zigs jumped in time to rescue before the story was completed. And this is the level of community in BNB.

BNB recommendation

Our market outlook suggests that BNB is a must buy before it crosses the next resistance and perhaps the following one. All eyes are on Bitcoin market trends as we get closer to the halvening as alts seem to mimic market movement. If support remains steady between the $16-$17 range then the next resistance upward to the $18-20 range could signal a massive bull run. Be sure to check your own charts and do your due diligence before investing in any token or stock.

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