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Binance Coin price prediction: Binance Coin breaks $280 support, prepares to reverse around $215

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  • BNB breaks below $280.
  • Bearish momentum still moves the market lower.
  • Support found around $215.

Today’s Binance Coin price prediction is bullish as the market has made another spike lower over the past hours to the $215 mark. BNB/USD currently rejects further downside, indicating that we might see further upside over the next 24 hours.

Binance Coin price prediction: Binance Coin breaks $280 support, prepares to reverse around $215 1
Cryptocurrency heat map. Source: Coin360

The crypto market trades with a very bearish momentum over the last 24 hours. Bitcoin has moved below the $33,000 mark with a loss of 14 percent. Ethereum has seen even worse performance as it moved below the $2,000 mark and has a 24-hour loss of almost 17 percent. The rest of the crypto market follows this pattern with mixed but bearish results

BNB/USD opened at $299.75 today after a slight bearish close yesterday. Since then, the Binance Coin price action has continued to move lower at an increasing pace and reached $215 support over the past hours. Therefore, we might see the market reverse later today to retest the previous support at $280 as resistance.

Binance Coin price movement in the last 24 hours

The BNB/USD price moved in a range of $213 – $313, indicating severe volatility over the last 24 hours. Trading volume has decreased by 19.42 percent and totals $4.2 billion. Meanwhile, the total market capitalization trades around 35.3 billion, ranking the cryptocurrency in 6th place overall.

BNB/USD 4-hour chart – breaks another low

On the 4-hour chart, we can see the Binance Coin price action continuing to push lower today.

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Binance Coin price prediction: Binance Coin breaks $280 support, prepares to reverse around $215
BNB/USD 4-hour chart. Source: TradingView

The overall market has continued to move lower over the past days after setting a new all-time high around $2680 at the beginning of May. After a failure to move higher above the $680 resistance, BNB/USD started trending lower on the 12th of May. Since then, the market has retraced almost 70 percent, indicating that BNB/USD is heavily oversold.

Yesterday we saw the Binance Coin price action consolidate above the $280, where the previous swing low was established earlier this week. However, earlier today, the support was broken, resulting in another sharp move lower. Currently, support is found around the $215 mark, with the next support located relatively close by – around the $200 mark.

Therefore, even if we see further downside over the next 24 hours, we should see BNB/USD start to reverse in a major way over the next week. If the market can return above the $400 mark, we should expect the overall price momentum to shift back to being bullish.

Binance Coin Price Prediction: Conclusion

Binance Coin price prediction is bullish as a further downside was set over the past hours. Support around $215 currently holds the market from further downside, meaning that we could see some retracement later today. If the market can break above the $280 support, we can expect a reversal next week.

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While waiting for further Binance Coin price action development, read our latest guide on other major cryptocurrencies such as Zcash, Litecoin, and Ripple.

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.

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Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow?

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  • 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.

Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: BNB continues to hold above $470, more upside to follow?
BNB/USD 4-hour chart. Source: TradingView

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.

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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.

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Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

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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.

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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. 

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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.

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Binance proposes a real-time token burning mechanism to boost BNB value

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  • 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.

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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. 

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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.

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