BNB Price was set to explode as it broke an important trend line. As a result, the price also rose and was able to form a high of around $460. But has the rise ended, or will the BNB price continue to rise soon? In this BNB price prediction, we will give you a short-term plan for the BNB price today. The chances of us reaching $500 are not bad, let’s check why and how.
What is Binance Coin BNB?
Binance Coin is the native token of the Binance chain. Previously, this coin had been on Ethereum but was removed after Binance Smart Chain’s completion. Today, BSC is one of the fastest networks in the digital asset space, helping traders execute transactions faster and more efficiently. In 2017, when Binance launched BNB, it assured that the token would have a limit of 200 million tokens.
Thanks to the token limit, scarcity has made BNB valuable despite the continuous market crashes. It’s safe to mention that Binance also periodically burns the tokens. Burning is a common term in the digital asset space, and it means to destroy an asset permanently. Many companies do this to increase the value of tokens per unit, which has worked in numerous instances.
What are the BNB Utilities?
Initially, Binance created BNB for users to benefit from lower transaction fees. So, when users own Binance Coin, they pay less for transaction execution. However, thanks to the growing support for digital assets, things have changed. Also, BNB is the payment means for other Binance platforms, such as BSC and Binance DEX.
You can also use it to pay for products on various platforms, such as Crypto.com, and hotel reservations on specific platforms. Similarly, you can use BNB to pay for online services or even take out loans. Also, people use BNB to buy other cryptocurrencies, especially on Binance. So, if you have Binance Coin and want to purchase other assets, you can easily use it.
It is safe to state that BNB is still a solid investment for people interested in buying the coin. For one, with BNB, they enjoy lower charges on transactions when trading on Binance. As a trader or investor who hopes to make noticeable profits, essential to maximize your profits by paying lower transaction fees.
BNB Price Prediction – Will BNB reach $500?
BNB recently broke the resistance around $420 and has subsequently surged to $460. Since the price touched $460, the price has corrected somewhat and has confirmed the old $420 resistance as support, retesting the area. Now, the price might initially target the resistance of around $470. If this breaks, the price could continue to rise to the next resistance. This is around $500, which is the goal for BNB.
When will BNB Price reach $500?
In order for the BNB price to rally to the $500 resistance, the price must break the drawn trend line. This had served as resistance in the past since the beginning of the correction and could now cause prices to fall again in the near future. If the BNB price breaks this trendline, we expect the price to rally to $500 without any problems. However, the intermediate goal is $470.
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