Binance Token Analysis
BNB December 2020
Token Analyst: Cryptophil
Analysis Summary
👍 Bullish
For this last analysis about Binance’s native token Binance Coin BNB, we can make a very positive assessment. Indeed, the token of the largest cryptocurrency exchange in terms of volume has seen its number of users increase considerably, confirming its leader status in the crypto market.
The future is bright for BNB with a 150% increase in the price of the token and this is only the beginning.
Fundamental Analysis
👍 Bullish
On Binance’s platform, with its BNB token which is a utility token, like CHSB from Swissborg, the possibilities of diversification are multiple.
You can buy and sell an impressive number of tokens, giving you the opportunity to buy your favorite tokens but also to stack, save, borrow, trade and for seasoned professionals to sign up to the mining pools to mine cryptocurrencies.
It is the undisputed leader in the world of cryptocurrency and still has great prospects for the future which should further increase the price of its token which provides benefits when owned and is becoming scarcer as Binance periodically burns out more and more tokens.
Technical Analysis
👍 BULLISH — Long term
In long term, BNB has increased by 150% in one year, from $13 to $31 today.
The price is currently in the upper part of a triangle, as can be seen, stuck between the Tenkan on Ischimoku and the resistance. Volumes are decreasing and the RSI has been above 60 for a few weeks now. Since March, the price has only increased and a break in the resistance would undoubtedly presage a new ATH above 40$. Conversely, if the support of Tenkan were to break, we have the Kijun at $25 and then the cloud at around $23 which would provide strong support and it would take a sharp drop in the markets to return to these prices.
We will favor the bullish trend by monitoring the different support levels.
👍 BULLISH — Middle term
In daily, after being taken out of the bollinger bands, the price has just reintegrated them.
The price is supported by the rising trendline and is compressing under the long term resistance. A break confirmed by the top of the resistance will be a very strong buy signal. And a break from the bottom would be a bad omen.
So we will watch the price in the next few days which should give us the direction to come.
👉Neutral — Short term
For short term, I chose the 1h time unit, which shows us a fairly strong downtrend that crossed the uptrend trendline but came back just above it quickly. We can see that the price came nasty, above $30, which is a price zone well defended by the bulls, the bears having failed to maintain selling pressure.
We’ll be watching in the coming days to see if the trendline continues to be used as a support for a move up towards the resistance and the $35–36.
Until next month
To conclude, the trend is bullish but we are at a key moment in time to know the direction that the price of the BNB will take and caution is called for. BNB is a strong project that has established itself permanently in the Top 10 on Coinmarketcap, it is a sure value that we can, without a doubt, bet on for the future.
See you soon for a new analysis! #WeAreSwissborg — The Future is Bright! — CryptoPhil
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About the author
My name is Philippe aka Cryptophil, passionate about cryptocurrencies, poker, cooking, motorcycling and apprentice investor. I love to share my passions and actively participate in projects. Members of a service club.
The Wealth App offers one of the best experiences for buying crypto signing-up offers you a chance to win up to $100 in Bitcoin with my link https://join.swissborg.com/r/philipNTYT
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Disclaimer
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