BNB Price Analysis: Binance Launches Staking, Binance Coin Price rises by 8%
It seems that the year 2020 is the year of altcoins. Many altcoins are performing exceptionally well. The BNB price has progressed steadily and in the last 24 hours the BNB price has increased by almost 8%. At the time of […]
It seems that the year 2020 is the year of altcoins. Many altcoins are performing exceptionally well. The BNB price has progressed steadily and in the last 24 hours the BNB price has increased by almost 8%. At the time of writing this the Binance price is sitting at $24.012 (+8% in 24 hrs). Let’s take a look at it in more detail.
BNB Price Analysis: Binance Coin and Fib levels
BNB Price Analysis: BNB/USD 1 Week Chart: Tradingview
At the moment, the Binance Coin price is displaying bullish behaviour, at $25.456 a significant resistance is present because there is a 0.382 Fib level . If the Binance Coin price breaks this level, it could find its next resistance at ± $26.292 , that also runs the 50-week EMA . If this resistance is also broken, the price could touch $30, which acts as an important resistance. In the last 90 days the BNB coin price has increased by almost +45.1% and the Sharpe ratio is almost 2.92. The BNB coin 30 days volatility is 0.59 and this could be promising for the further rise. Technicals for BNB/USD price hint a bullish trend as BNB price is now above the 200-day EMA. A possible bullish drive may drive price to $36. Otherwise, heavy downside volume support could be from US$14-US$18.
BNB Price Analysis: Binance Launches Staking
BNB Price Analysis: BNB/USD 1 Day Chart: Tradingview
The world’s leading digital assets exchange Binance has announced the staking support for its native BNB coin. This could be one of the reasons behind the 8% price rise in the last 24 hours. The users can now stake their tokens at Binance Smart Chain testnet. It was also announced that the early stakers have a chance to win $3000 in BNB tokens.
Once the Binance Smart Chain launches and the full roll-out of the staking mechanism is achieved, the demand of the BNB coin could see new heights. The staking mechanisms may decrease the circulating supply, by securing in tokens from users involved in passive income. This could be further intensified by the notable periodically BNB token burns from Binance. The associated decrease in supply could boost Binance coin price in long term.
Conclusion
One thing to see is, BNB coin price has been in an uptrend from the past few days. Hence, its may push upward to flip the resistance at $25.3 region to support. The current market condition and the developments circling Binance Smart Chain could boost the Binance coin price in the next few days.
Prasanna Peshkar
Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.
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