Binance Coin Price Analysis: FOMO or not?
Binance Coin (BNB), an exchange-based token created and issued by the cryptocurrency exchange BINANCE, increased almost +1700% or 17X times for the year to date: from $38 in January to a last max price of $680. It's more than 13 times BTC’s growth this year (BTC/USD has grown 118% since the beginning of the year, with the latest peak at $65,000 price zone).
The Binance Exchange is the largest cryptocurrency exchange in the world (average trading volume is about $37 bln). BNB was the first token issued by the crypto exchange, and today it holds a leading position by its market cap when compared to similar assets.
This Monday BNB price reached an all-time-high above $680. BNB market capitalization had crossed $100 billion milestone, but after that token price felt down. Current value of BNB capitalization (at the moment of writing) is $95.9 billion USD. BNB Price is $626.3 per coin.
Interesting is that the number of daily active addresses has fallen from a high of 351.75k on April 21 to 92.5k on May 3, while the price reached an all-time high. It demonstrates the 74% decline over the last two weeks. It is signifying a general exodus of speculators driven by profit-taking or simple reallocation of funds.
Currently, BNB price has been back to the support area of around $630 USD per coin. And the number of active addresses is rising from 85k to 173k (X2) during the last days.
The metric highlights that speculator attention is growing and give a signal of an untapped source for a surge in buying once they are trying to chase the rally.
Of the buyers will be strong enough to keep the price higher than $630 area, the next target point of the potential growth is $730 per coin (+20%).
Key support/resistant levels for BNB/USD price:
Support 1: $600
Support 2: $540
Support 2: $520
Resistance 1: $652
Resistance 2: $675
Resistance 3: $730
All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as a recommendation or as a guarantee of any specific outcome or profit.
The Binance Exchange is the largest cryptocurrency exchange in the world (average trading volume is about $37 bln). BNB was the first token issued by the crypto exchange, and today it holds a leading position by its market cap when compared to similar assets.
This Monday BNB price reached an all-time-high above $680. BNB market capitalization had crossed $100 billion milestone, but after that token price felt down. Current value of BNB capitalization (at the moment of writing) is $95.9 billion USD. BNB Price is $626.3 per coin.
Interesting is that the number of daily active addresses has fallen from a high of 351.75k on April 21 to 92.5k on May 3, while the price reached an all-time high. It demonstrates the 74% decline over the last two weeks. It is signifying a general exodus of speculators driven by profit-taking or simple reallocation of funds.
Currently, BNB price has been back to the support area of around $630 USD per coin. And the number of active addresses is rising from 85k to 173k (X2) during the last days.
The metric highlights that speculator attention is growing and give a signal of an untapped source for a surge in buying once they are trying to chase the rally.
Of the buyers will be strong enough to keep the price higher than $630 area, the next target point of the potential growth is $730 per coin (+20%).
Key support/resistant levels for BNB/USD price:
Support 1: $600
Support 2: $540
Support 2: $520
Resistance 1: $652
Resistance 2: $675
Resistance 3: $730
All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as a recommendation or as a guarantee of any specific outcome or profit.
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