BNB seems to be a unique abbreviation for something signified by Binance Chain and Binance Exchange. The real meaning of BNB is Build and Build, which strongly showcases the intention of the Binance network to provide a blockchain for promoting scalability and faster transactions. As per the last recorded statement, BNB was rewarded and appraised for completing 1.4 million transactions, and these corresponded to just the number of tokens traded on the platform.
BNB attracted SEC action for its prior sale of Binance Coins before the renaming procedure was accepted. As Binance Smart Chain gained a huge hype, the market value for BNB tokens touched $696. Currently, this cryptocurrency is ranked third with a net value of $51,298,541,663.
BNB value has witnessed a consistent uptrend since hitting the lows in June 2022. BNB easily breached the 100 EMA, consolidated, and marked a strong breakout to reach $319 with a strong uptrend consolidation. RSI has reached the overbought zones that could lead to another resistance being breached or the beginning of a profit booking sentiment. To know more about this uptrend, check out our BNB price prediction.
BNB tokens had two major resistance until last week: the 100 EMA at $286 and the 200 EMA at $329. Interestingly, as this cryptocurrency consolidated near 100 EMA, the moving average started to turn straight. It has now started to move positively, indicating an uptrend confirmation.
The current price action offers a huge gain to buyers who entered close to the $200 mark, but the new buyers are entering in fear of missing out. The 200 EMA is barely away from the last trading value of $319.2, which has the potential of forcing enthusiasts to consider BNB tokens for making quick bucks.
On the RSI indicator, the sentiment is too strong and capable of breaching any resistance. Similarly, it is confirmed by even the MACD indicator, which now has an increased gap between the two curve lines. The range between 100 and 200 EMA is often very easily surpassed.
During the peaks of November 2021, the actual trading value was drastically above the 200 EMA curve, which in itself is a testament to sudden buying sprees often witnessed in cryptocurrencies. As trending news would enter such a large cryptocurrency with major tokens being held only by the top 10 wallets, the increased demands lead to higher expectations of sellers and subsequently create a bull run.
BNB price action and possibilities are much better predictable with the weekly charts. A strong buying action is witnessed with substantially low volumes, which have decreased since the first bull run of April 2021. Fewer volumes indicate the possibilities of higher trading movement because of controlled supply.
RSI on this duration has reached 48, which is stronger than any other token in the top rankings. MACD has marked a bullish crossover after 19 months. The formation of a strong Marubozu candle in the currently running week can push BNB across the resistance witnessed at around $340. Resistance of $340 could direct the further price action of BNB in the coming days. Short-term support can be expected to reside with the exponential and simple moving averages of 100 and 200 days.