Binance coin is the fourth largest cryptocurrency after bitcoin and ethereum. BNB has been one of the tokens that gained massively this year. BNB’s price has recorded an over 1000% growth in one year. Despite losing some gains in May, BNB has been slightly recovering.
In the past 24 hours, BNB has dropped by 3.6%. At the time of writing, the coin is trading at $279.87 on major exchanges.
BNB Price Analysis
BNB’s lower support levels and higher support levels lie at $250 and $300, respectively. Retreating to $250 might happen if the current downtrend in the market continues to be witnessed. Lacking support from the broader market might make some users dispose of their holdings and see sharper bears towards $220.
There is also a chance that an upswing may happen soon if the market support increases. Reaching $300 will depend if there is demand from the market. BNB is currently in a dip that presents an ideal chance for those expecting that prices will increase to May levels. This demand might create space for BNB’s rising value.
BNB has one of the best ecosystems in the crypto market. With the strong support of the Binance exchange and Binance Smart Chain, BNB finds itself in one of the most popular positions in the crypto market. Besides, issues in the ecosystem might also affect BNB’s prices.
Binance Exchange has been facing regulatory scrutiny around the world for its offerings. Just recently, Binance Exchange was banned by the Financial Conduct Authority from operating in the UK. The exchange also received a warning from Japan for offering services it was not licensed for.
Binance Smart Chain has also been receiving an endorsement from DeFi developers because of its high scalability. If more projects launch on this platform, it will help create value for the BNB token. Investors going long might witness an increased value as DeFi platforms become developed.
Where to Buy BNB
One of the largest exchanges that support BNB is eToro. eToro offers a large variety of cryptocurrency trading pairs that will create more flexibility for traders. Besides, eToro charges low trading fees and even has a demo trading account that new users can use to train. A copy trading feature is also an excellent tool where new users can learn more about trading cryptocurrencies.
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