Good afternoon, colleagues.
Today we will talk about the BNB coin, analyze the important levels, scenarios for further movement and the growth potential of the bottom coin. To begin with, I suggest we start by familiarizing ourselves with this coin.
BNB coin (Binance Coin) is a cryptocurrency created by Binance, one of the largest cryptocurrency exchanges in the world. It was launched in 2017 and is primarily used as a utility token on the Binance platform. Binance originally launched BNB as an ERC-20 token on the Ethereum blockchain, but it has since moved to its own blockchain called Binance Chain. BNB has grown in popularity and is now one of the best cryptocurrencies in terms of market capitalization, currently the BNB coin is ranked 4th by coinmarketcap with a capitalization of $53,555,952,002.
On this chart, we can see a clearly defined support zone at the 250-260$ mark, which has held for the past 5 months. This is a promising sign for purchasing this coin with potential growth in the near future to the 300-320$ mark.
It’s worth noting that BNB reached a price of 704$ per coin in May 2021.
Let’s consider the possible scenarios for BNB movement.
Primary scenario: If the price fails to break through the support zone, we can expect a reversal and a rise to the 340$ mark. After this, the price may face resistance at the 360$ mark, and only once it consolidates above this level can we consider the start of a bull market with the potential to reach a maximum price of 704$.
Alternative scenario: If the price breaks through the support level, it may attempt to reach a new low of 191$.
