- BNB resisted at the $260 mark.
- Next support at $240.
- Next resistance at $275.
Today’s Binance Coin price prediction is bearish as the previously seen bullish momentum has been stopped by resistance around $260. Therefore, we are likely to see BNB push lower over the next few days.
Cryptocurrency heat map. Source: Coin360
The overall market slowly turns bearish as most of the altcoin is going in the red over the past hours. Market leaders, Bitcoin and Ethereum, are still up by 2 percent over the last 24 hours. However, when considering that the momentum has shifted, we are likely to see further downside this weekend.
Binance Coin price prediction: Binance Coin finds resistance at $260, reversal to follow?
BNB/USD opened at $255 after a 9 percent gain yesterday took the market from support around $230 to the resistance at $260. Right now, further upside is heavily rejected, and the market starts to reverse. Therefore, we are more than likely to see further downside over the next 24 hours.
Binance Coin price movement in the last 24 hours
The BNB/USD price moved in a range of $246 – $261, indicating a good amount of volatility. Trading volume has dropped by 21.68 percent and totals just under $2 billion, meaning that the market has likely lost interest from bulls. The total market cap stands at $39.2, ranking the cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB rejects further upside at $260
On the 4-hour chart, a strong rejection candle has been printed over the last hours. Since this rejection was made right at the previous support/resistance level and the area between both 50 and 100 period moving averages, we are likely to see another push lower soon. Next, support is located around $220, meaning a potential loss of over 13 percent if the support target is reached from the current price level of $254.
BNB/USD 4-hour chart. Source: TradingView
Overall, Binance Coin is in a very bearish price action structure right now. After failing to break through the 300 mark, BNB/USD got rejected lower and started to move sideways for most of the past two weeks.
After establishing resistance at $275 and retesting it several times, BNB finally started moving lower and quickly lost around 16 percent until support was found at $230. From there, the Binance Coin price started to retrace and regained most of the loss until resistance was found at $260.
Right now, BNB/USD rejects further upside and has posted a strong rejection candle over the last hours. Therefore, we can expect Binance Coin to drop further over the weekend. Previous support levels are located at $240 and $230. However, given the current bearish price structure, we are likely to see BNB push through them until the next support level, around $220, is reached. If reached from the current price of $255, it would mean a drop of around 14 percent and an overall good risk/reward short opportunity setup.
From there, we could see the market continue its bearish momentum over the following weeks, meaning that the previous significant support around $200 will likely be tested eventually.
Binance Coin Price Prediction: Conclusion
Binance Coin price prediction is bearish as the price action of BNB/USD starts to reject further upside after reaching support at the $260 mark. This means that Binance Coin should see further downside over the next 24 hours as it looks to set another lower low.
While waiting for BNB to move lower again, see our Bitcoin halving guide, as well as the latest altcoin price predictions for IOTA and Dent.
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.