Binance Coin (BNB) appears to be the only cryptocurrency out of the large market cap ones to be moving upwards. The bulls have begun dominating the bears for Binance Coin as it started off on an upward trajectory. At the time of writing, BNB coin stands at a price level of $320. The price has increased by more than 5% in the past twenty-four hours while the trading volume has gone up by nearly 60%.
Binance Coin (BNB) technical analysis
The market outlook for the cryptocurrency is bullish. Out of the total twenty-six technical indicators, eleven are giving out an indication of buy while eight are standing at a neutral position and seven are bearish at a sell indication. The oscillators are bearish while the moving averages are bullish.
Binance Coin can be observed to be operating inside a triangle formation. The price of the cryptocurrency has been oscillating up and down inside the formation while testing the boundaries as resistance and support levels. Up till now, the upper and lower boundary have been established as strong resistance and support, respectively. The recent bullish trend can be seen helping BNB coin reach towards the upper boundary of the formation – towards a likely break out. The price target for the cryptocurrency has been set at $347.
Is Binance Coin (BNB) a good investment?
The market has been flooded with cryptocurrencies; however, investors regard more than 90% of the cryptos as junk with just a handful of them worthy of attention. With so many cryptocurrencies in the market, how can one decide which one is a good investment? Simple, its technology.
Binance Coin can be considered a good investment because of the underlying technology which is the Binance crypto exchange. Binance is the largest exchange by trading volume. The behemoth of an exchange also has a decentralized asset exchange – Binance Smart Chain – and an ecosystem of its own. Now, are there more chances of failure of a new cryptocurrency or of a large exchange like Binance? Hence, BNB coin possess locked potential.
Moreover, the future projections for the cryptocurrency are more than bullish. According to the estimates of Wallet Investor, BNB coin was be trading at $664 in a year’s time while the five-year projection places the coin at $2000.
