Binance Coin (BNB) is currently trading at around $29 following some consolidation after a major decline last week. Overall, price has increased almost 10% against the dollar since the start of the week.
The price of BNB came crashing down toward the end of June, dropping from around $40 to fall back under its 20-day EMA, hitting a low of $24.
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 the momentum and is able to push upwards towards its late-June prices, 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 dropped from $30 to about $24 coming into this week 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 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 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.
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.
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.
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