Binance Coin Value Prediction: Extra Probably Weak point – InvestingCube
The Binance Coin is still in consolidation mode while the rest of the cryptocurrency universe is waiting for a catalyst. The BNB is trading at $ 363, which is in the same range as in recent trading sessions. The coin has a market capitalization of more than $ 56.19 billion, making it the fourth largest cryptocurrency after Bitcoin, Ethereum and Tether.
What is Binance Coin? For starters, Binance Coin, abbreviated as BNB, is the native currency for the Binance Smart Chain (BSC) network. The BSC is a leading platform that is similar to Ethereum in that it helps developers create decentralized applications, often known as dApps.
This includes apps like the ones in the non-fungible tokens and decentralized finance. In recent years, the BSC has become a relatively popular chain among developers. Some of the top apps on the network include PancakeSwap, Venus, and Reef, among others. Overall, the total value locked in the BSC Defi is more than $ 20 billion, which is lower than that in the Ethereum blockchain. The BSC ecosystem includes more than 400 DeFi projects, 46 games and more than 100 tooling tools.
BNB price is consolidating as investors wait for more catalysts. It could happen today after the US released its inflation data. What’s next with the Binance Coin prices?
Binance Coin Price Analysis
The four-hour chart shows that the BNB price was last in a consolidation phase. The coin is trading at $ 363, which is below the two resistance levels at $ 433. It’s also between the 38.2% and 23.6% Fibonacci retracement levels. Notably, it appears to form a head and shoulders pattern, which is usually a bearish sign.
Therefore, the pair could break lower in the short term. This is in line with my previous Bitcoin price prediction in which I argued that the relief rally seems to have run out of legs. In this case, the next major support will be at $ 320. Movement above $ 400 will invalidate this trend.
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BNB price chart
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