Yesterday, we saw a drop across almost all of the altcoins when BTC fell by approximately 20%. BNB was a coin which suffered a lesser percentage drop compared to other coins.
BNB is undoubtedly one of the most interesting and discussed coins amongst all exchange coins. Ever since the deployment of Binance Smart Chain, BNB price has exploded. It has been considered as a staunch competitor to Ethereum now and the number of transactions on BSC has already surpassed the number of transaction on Ethereum.
Every quarter Binance burns BNB tokens. In this quarter, 1,099,088 tokens were burnt whose value at the time of burning was approximately $600 million. This was the biggest burn in the history of binance.
Price Drop and Rise
When BTC fell, almost all of the alts fell with it yesterday. During this time, the coins which drop the lowest indicate that there is a very high buying pressure. BNB is one of such coins. It has recovered quickly and has bounced back.
BNB Use Cases
We have discussed about the detailed use cases of BNB here.
BNB/USD – Price Prediction – Symmetrical Triangle Breakout
BNB broke out of a symmetrical triangle. Whenever there is a breakout from a symmetrical triangle, a bullish continuation follows and we observed a similar structure for BNB too. BNB rallied from $240 towards $640 after this rally.
BNB/USD – Price Prediction
BNB is currently trading above the support zone of $530 As long as BNB stays above this support zone, we could start seeing a move towards $589 and $637. If the resistance at $637 breaks, we will start seeing a move towards the upper targets at $686, $755, $843 and $1097. Failure to hold the support at $530 could lead to a drop towards $489 and $431.
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