Binance coin is one of the cryptocurrencies that have the best utility in the crypto sphere. The coin is used to power the Binance Smart Chain network. It also gives stability to the largest cryptocurrency exchange, Binance. Despite the high utility, BNB is still prone to price movements caused by volatility.
Binance coin is trading at $481.92 at the time of writing after a 3% dip in 24 hours.
Binance Coin Price Analysis
Binance coin is a top ten cryptocurrency in the market. The coin has responded to market bulls that have enabled it to go to higher levels and create new highs in the past month. BNB has also been a victim of dips caused by a lack of market support.
In the past two days, the crypto market has dipped slightly, given that bitcoin failed to maintain $50K and instead retreated to $48K. This has caused a dip for most altcoins, and BNB has retreated in the past 24 hours. It has retreated below the support of $487, and it is now headed towards retesting $478.
However, even at this level, BNB will still be in a bullish zone. If strong market bears continue, we could see BNB headed towards $460. While this could be a significant dip for BNB, it could attract traders who want to buy when the prices are low.
On the upside, the market has been making significant recoveries, and in this case, we could see BNB head towards an uptrend. The next resistance that the coin needs to break out of is $490. This could gear up a bull run towards $500 and beyond.
The Binance exchange has been doing its best to comply with KYC requirements after facing waves of global regulatory crackdowns. The exchange has now required all new and existing users to comply with these requirements. Those who fail to comply will be subjected to a “withdrawal only” status, thus preventing them from enjoying the full offerings of the platform.
Binance is also facing a lawsuit from traders seeking compensation from the exchange for an outage that happened when the market crashed in May. The traders stated that when Binance froze during this period, they lost a lot of money.
Where to Buy BNB
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