- BNB trades at $43.7.
- Binance Coin set a new higher high set just below $44.
- Resistance to watch around $44.5.
Binance Coin price prediction for today is bearish since BNB has reached a critical area of resistance around $44-$45. The analyst expects a reversal in the upcoming hours.
Cryptocurrency heat map by Coin360
Binance coin (BNB) continues trading in the green today. Compared to the rest of the market, BNB could be doing better since Altcoins such as XLM, ADA, XRP, and LTC have performed better over the last 24 hours.
Binance Coin Price Prediction: BNB to pullback before continuing higher?
BNB/USD opened at $42.52 and since then has continued to move higher, just like yesterday. Currently, BNB is resisted by the $44.5 horizontal level, which previously reversed the market on the 7th and 10th of January.
Therefore, the analyst predicts this area of resistance will not break on the first attempt. The Binance Coin price will likely retrace in the coming hours and establish a base before attempting another move higher.
Binance Coin price movement in the last 24 hours
Binance Coin is trading with an increased volume today, with over $665 million worth of coins traded over the last 24 hours. When looking at the trading range for BNB, we can see that it is average – from $41.01 to $44.01.
Binance Coin price chart by TradingView
BNB/USD 4-hour chart – BNB has set a new local higher high
Yesterday’s Binance Coin price prediction mentioned that BNB/USD would look to move above the $42 level. Binance coin has achieved this target, as a clear break above the $42 local resistance was made later on.
Therefore, BNB/USD opened a lot of free room to the upside as the next resistance levels to watch were located around the previous local high of $43.5 and the significant resistance of $44.5. The first one, the $43.5 previous local high, has already been broken, establishing a clear higher local high. The higher high is an unmistakable signal that BNB/USD is ready to move higher.
After Binance Coin set a new local higher high, it continued upwards, towards the current resistance of $44.5. For now, this point holds BNB in place. Some signs of rejection towards the downside seem to have already been made as BNB lacks further momentum to break above the level.
The analyst expects Binance Coin to start to retrace towards the previous area of consolidation at $42. The $42 mark, together with the area between 50 and 100 period moving averages, could provide vital support once BNB retraces. However, it is too early to tell right now and much depends on how fast Binance Coin starts to retrace. Perhaps, we will see even further upside for BNB/USD, which would invalidate current assumptions.
If Binance coin experiences a strong rejection back to the downside, a key support would be the $40 area. The $40 area of support has reversed price action several times over the past weeks, as mentioned in our previous Binance Coin price predictions. If this support breaks, the analyst expects a much deeper, medium-term trend reversal.
Binance Coin Price Prediction: conclusion
Overall, Binance coin price prediction is bearish for the upcoming 24 hours, despite the overall market structure indicating a bullish momentum. Since BNB has closed in on an important resistance around $44.5 and showed signs of rejection, a retracement is expected.
However, once the price of the Binance coin retraces and establishes a new base from which to move higher, the analyst predicts a move above the resistance towards the current monthly high of $47.
Right now, the best option is to stay neutral and wait for further price action development.
For further reading, check opinion on the health of Bitcoin and how it jumped to over $38,000 after endorsement by Elon Musk.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow?
- Binance Coin price analysis is bullish today.
- BNB/USD slowly moved higher overnight.
- Closest resistance at $510.
Binance Coin price analysis is bullish today as the $470 support still holds, likely leading to a reversal back to the upside later today. Therefore, we expect BNB/USD to move towards the $510 and end the several-day retracement.
The overall market traded with a slight bullish momentum over the last 24 hours, with Bitcoin gaining 1.3 percent. Meanwhile, Ethereum has gained 3.67 percent, while Shiba Inu (SHIB) is the top performer, with a gain of 40 percent.
Binance Coin price movement in the last 24 hours: Binance Coin holds support above $470
BNB/USD traded in a range of $473.11 – $486.80, indicating low volatility over the last 24 hours. Trading volume has declined by 25.12 percent and totals $1.159 billion, while the total market cap trades around $79.9 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB ready to move higher?
On the 4-hour chart, we can see Binance Coin Price action consolidating as bulls likely prepare for another push higher.
Binance Coin price action has seen a strong performance so far in October. After setting a new major swing low at $320, a sharp push higher followed on the 1st of October.
BNB/USD eventually peaked at $450, with the following retracement setting a higher low at $395. From there, the market continued higher on the 12th of October, moving to $480 this time.
After another brief retracement, the further upside was seen earlier this week, with a brief move above the $500 mark seen on Wednesday. Since then, Binance Coin price action has retraced to $470 and formed a consolidation as bulls prepare for the next push higher.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish today as a new higher high has been established above $470. Therefore, once the current consolidation ends, we expect BNB/USD to push above the $500 again.
While waiting for Binance Coin to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.
Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance
A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.
The governance token Tranchess (CHESS) officially began trading today.
News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.
CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.
According to Binance Research,
“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS.
The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”
Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.
Binance proposes a real-time token burning mechanism to boost BNB value
- Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
- BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.
Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.
According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.
For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.
Details of Binance BEP-95 token burning mechanism
BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.
However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.
Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.
Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose.
BNB price action
BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.