Technical Analysis (BNB)
BNB has been one of the most bullish coins in the market. BNB showed reversal after it dropped down to a price of $211.7. From there on the monthly, the price has continuously moved to create higher highs and higher lows with efficient price action with just the presence of an imbalance in my opinion. Last month BNB has gained almost 35% in its value.
On the weekly time frame, we can see that this move is even more visible and it can be clearly seen how the market has moved in a perfect motion towards the upside. On a daily, we can see that there is an orderblock that has resulted in the drop of the price which as a result created the bottom of the price. This orderblock is a very key level and the price can react from this zone. So at this zone, we can expect the price to go up to that orderblock from where it can drop down to the imbalance that I have talked about previously. But things are not clear at the moment and we should wait for the price to enter that zone and see how it delivers there.
Price Movement – Binance Coin (BNB)
The native token of Binance Exchange is Binance Coin. It is used for the transaction fee by traders and has many other uses as well. At the time of writing BNB is being traded at the price of $531.98. The price has increased by almost 2.92% in the past 24 hours. BNB is listed on coinmarketcap in the 3rd spot and has a market dominance of about 3.35%. The past month has been extremely bullish for the price. In October alone we have seen an increase of about 35.38% in the price of BNB. During the crash, BNB created a bottom of around $211.7 after which it showed reversal. BNB has one of the highest trading volume today. BNB created its all-time high around the price of $691.8 during the month of May 2021.
Long Term Investment
According to wallet investor, BNB is a very good investment. In a one-year plan, BNB is expected to reach a price of $886.58. In a five-year plan, BNB is expected to reach a value of $2460 which is almost five times what it is being currently being traded at. BNB is one of the most popular coins in the cryptomarket.