Despite the increased volatility in the crypto market, Binance Coin (BNB) appears to be holding steady. The coin has seen quite some decent gains since the start of February and is looking poised to add more value in the coming days. Here are some highlights:
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BNB has been trading within its demand zone of between $396 and $405
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At press time, the coin was selling for around $402
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Bullish activity around this zone could push BNB towards $475 in the coming days.
Data Source: Tradingview
Binance Coin (BNB) – Price action and analysis
Although we have seen some volatility in the crypto market in recent days, Binance Coin (BNB) has been bouncing off between its crucial demand zone of between $396 and $405. We have seen significant bullish action around this zone and at the moment, BNB is at the $402 mark.
We expect bulls to sweep in and push BNB towards $475. This will represent an upswing of nearly 20% from the current price. There are however important thresholds to watch. First, if BNB fails to hold the $393 support zone, then bears will hope to push the price down even further.
Also, we are watching to see how soon BNB can cross sits 50-day simple moving average of $430. If indeed this happens in the coming days, it could suggest a decisive breakout that could push BNB closer to $500.
Why you should buy Binance Coin (BNB)
Binance Coin (BNB) is one of the top 5 cryptos by market cap. It is a proven asset with a lot of credibilities. Although it can be argued that BNB is not the type of coin that will deliver 100X gains in a year or two, if you are looking for steady and consistent gains, then it is a great coin to put in your portfolio.