Quick take:
- Binance Coin is experiencing a resurgence in the crypto markets.
- The bullishness of BNB comes days before the Binance Live Conference celebrating the exchange’s 3yr anniversary.
- The team at Binance has also hinted at a BNB coin burn in the near future.
- Additionally, the Binance Card is in Beta testing meaning a full launch is not that far away.
A quick glance at the top 10 digital assets on Coinmarketcap reveals that Binance Coin (BNB) is ahead of the rest in terms of 24-hour gains. BNB is currently ranked 9th on the tracking platform and is exhibiting over 6% in 24-hour gains.
Brief Technical Analysis of Binance Coin (BNB)
The bullishness of Binance Coin (BNB) can further be confirmed by taking a brief look at the daily BNB/USDT chart courtesy of Tradingview.com.
From the chart, the following can be observed.
- BNB is clearly in bullish territory with its current price of $18.36 above the 50-day, 100-day and 200-day moving averages.
- Trade volume is in the green and the daily MACD further provides evidence of bullish momentum.
- However, the MFI is hinting of possible short term exhaustion at a value of 76.
- Short term resistances zones of BNB are at $18.48, $19.33, $20.37, $20.58 and $21.
- Short term support zones are at $18.20, $17.89, $17.80, $17.66 and $17.52
Why BNB is Bullish: Coin Burn, 3yr Anniv. & Binance Card
The bullishness of Binance Coin (BNB) can be linked to three events. Firstly, the team at Binance has hinted at a Coin Burn in the pipeline for BNB.
Things are starting to heat up! #BNB 🔥🔥🔥🔥 pic.twitter.com/aSdduI57HV
— Binance (@binance) July 12, 2020
The last coin burn destroyed around $52.5 million worth of BNB reducing the circulating supply by approximately 3.37 Million BNB. According to the Binance whitepaper, the coin burns will continue to happen until there is only 100 Million BNB in circulation out of the 200 Million minted during the Binance ICO of 2017.
Secondly, the Binance exchange is celebrating its 3 year anniversary through a 10-hour long Live Event that will have prominent guest speakers such as Akon and Anthony Pompliano. The event is scheduled for the 14th of July and everyone is invited to the free live conference that begins at 9 am, UTC.
Thirdly, and after Binance’s acquisition of Swipe, the Binance Card is in Beta testing with the exchange’s CEO, Changpeng Zhao, sharing screenshots of how the card dashboard might look once released. The tweet by CZ sharing the progress of Binance card can be found below.
I am so excited. I love beta testing products…
All real transactions. Audible/Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accepts fiat, I paid in #BNB, direct from my Binance account.#Binance Card – I think I can finally go from 99% to 100% crypto. pic.twitter.com/8b60A6Cpui
— CZ 🔶 Binance (@cz_binance) July 10, 2020
Conclusion
A brief look at the top ten digital assets on Coinmarketcap reveals that Binance Coin (BNB) is experiencing some bullish momentum brought about by three events: a possible coin burn, the 3 year anniversary live event and the Beta testing of the Binance Card.
As with all technical analyses of Binance Coin, investors and traders are advised to have an eye out for any sudden moves of Bitcoin that might ruin the party. Additionally, the use of stop losses and low leverage is advised when trading cryptocurrencies on derivative platforms.