BNB, the native cryptocurrency of Binance, was created by one of the largest cryptocurrency exchanges in the world. Binance users can use BNB to pay trading fees on the exchange, which can result in a discount. Additionally, Binance uses BNB to fund various initiatives, including acquisitions, partnerships, and the development of new features.
Binance also uses a portion of the profits they earn to buy back and “Burn” BNB, which helps to reduce the overall supply of the token and increase its value over time. Binance uses Binance Chain as the blockchain for BNB, which allows for high-performance trading with near-instant transaction settlement and very low fees.
BNB stands tall at the 4th spot with a high market capitalization of $44,472,736,871 despite the token reaching 80% of circulation supply. The outlook for BNB has recovered from immense negativity towards the resistance above 100 EMA curves. Outlook for the token will improve in the coming days, and buying sprees are beginning to add up to the BNB.
BNB has a strong resistance at $317, which is decently short of current trading values. As the token is moving just above the 100 EMA curve, a positive breakout should aid in further price movement for the BNB token. Read our BNB coin price prediction to know how long will the breakout sustain!
With BNB having overcome the 100 EMA resistance, there is a higher probability of the token reaching 200 EMA at $288. RSI for BNB has reached overbought zones. With such a consolidated zone for price movement, BNB will soon witness a profit booking. Moreover, since support is readily available from the $252 level, the outlook for BNB will improve above the resistance of $317.
On a weekly trend, BNB is yet to overcome the previous highs and falls short. As such, there is a positive scope for the movement of BNB to bear good returns on investment. Technical indicators are going strong on daily candlesticks, while the weekly movement is still facing a consolidation pattern, which demands BNB reach $320 for a continued uptrend.