Bitcoin
BTC$48 084.51

-1.09%

Ethereum
ETH$3 421.97

-2.71%

Cardano
ADA$2.38

-0.94%

Binance Coin
BNB$411.53

-1.39%

Tether
USDT$0.998306

-0.16%

XRP
XRP$1.080662

-0.51%

Binance Coin burning boosted the price


#Binance Coin

Binance Coin (BNB) doesn’t require a prolonged introduction: it is indisputably the most popular exchange cryptocurrency that was one of the superstars of 2019. The gains that BNB has put up in a span of 365 days amount to 165%, which is 29% higher than that of Bitcoin. Moreover, BNB was more fruitful than literally all top 10 cryptocurrencies, except for Bitcoin SV, the price action of which is shrouded in controversy.

All those positive results were obtained solely through the effort of Binance’s CEO Changpeng Zhao and his team that had turned their brainchild into the largest cryptocurrency trading ecosystem in the world, which now includes the decentralized trading platform and a host of trading and financial instruments on the centralized one. Without going further into BNB’s fundamental prowess, let’s just say that this coin is worthy of not only trading but also holding, as it is most likely to continue rising in value throughout 2020.

Those who take an interest in the development of the Binance ecosystem should be aware of the quarterly burn of BNB with the purpose of eventually cutting the overall supply of coins by 50%, thus avoiding the inflation and incentivizing the demand.

According to the latest report, published on January 19 in Binance Blog, the exchange had carried out a burn of 2,2 million BNB, which equates to $38,8 million. This event is yet to find a reflection on the charts since it coincided with a pullback after a two-weeks long uphill hike that ended in Binance Coin forming a bullish flag, which is regarded as a trend continuation pattern.

1-day BNB/USDT chart

Despite the fact that traders see a gradual decline of trading volume, which is a natural phenomenon during the pullback, this decrease isn’t abrupt or inconsistent, which suggests that the bulls are still packing enough power to take the price action out of the flag to the upside.

In order for that to happen, the price of BNB needs to turn the resistance at $18 - $18.3 into support, thus confirming the continuation of the rising trend.

The exchange coin had already tested the $18.3 resistance four times, as shown on this 4-hour BNB/USDT chart, but to no avail. Therefore, it could be stated with a relative degree of certainty that Binance Coin will approach this area within the period of the next 5 to 7 days to test it once again.

4-hour BNB/USDT chart

The mentioned BNB burn could provide that final incentive, needed for a successful breakout and a subsequent trend continuation. A failure to do so will result in the BNB price retracing to $16.5 - $16 where it would consolidate before making another attempt at conquering this height.

1-day BNB/USDT chart

Binance Coin’s current resistance struggle coincides with the 0.618 Fibonacci retracement level, passing which should end up in BNB testing the $20 level. However, it is of immense importance for the 9th cryptocurrency to keep making higher lows in order to maintain confidence in its bullish intentions.

Summarizing the above, it would be best to enter a trade above $18, and only after the price passes traders’ remorse to the upside - the stop-loss should obviously be placed below the current support line.

Author: Alex Paulson for Crypto-Rating.com

Related

The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB): All-Time High by the End of the Year?
Binance Coin (BNB): All-Time High by the End of the Year?
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin is Nearing the End of the Bull Rally
Binance Coin is Nearing the End of the Bull Rally

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 89.6% 18 $48 084.51 -1.09% 4.69% $904 956 857 058 $27 961 083 561
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 50 $3 421.97 -2.71% 0.11% $402 372 528 292 $14 651 693 364
3 Cardano (ADA) ADA Cardano predictions 68.8% 67 $2.38 -0.94% -8.90% $76 104 680 024 $1 873 232 040
4 Binance Coin (BNB) BNB Binance Coin predictions 64.8% 71 $411.53 -1.39% -0.75% $69 192 704 719 $1 130 545 170
5 Tether (USDT) USDT Tether predictions 96% 1 $0.998306 -0.16% -0.24% $68 176 839 441 $56 276 623 103
6 XRP (XRP) XRP XRP predictions 71.2% 61 $1.080662 -0.51% -1.43% $50 382 872 054 $2 049 227 741
7 Solana (SOL) SOL Solana predictions 58% 90 $161.83 2.23% -9.89% $48 057 404 496 $4 399 561 667
8 Polkadot (DOT) DOT Polkadot predictions 62% 81 $34.04 -2.22% 7.04% $33 616 818 668 $1 565 978 665
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 75 $0.240174 -1.47% -2.38% $31 547 290 825 $853 022 336
10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.998160 -0.15% -0.25% $29 355 863 429 $1 913 601 923
11 Avalanche (AVAX) AVAX Avalanche predictions 65.2% 69 $72.99 1.73% 17.93% $16 079 530 755 $1 649 638 415
12 UniSwap (UNI) UNI UniSwap predictions 66.8% 64 $24.39 -1.92% 2.22% $14 920 531 930 $258 250 447
13 Terra (LUNA) LUNA Terra predictions 68.8% 64 $36.13 1.13% -13.85% $14 511 856 283 $813 065 559
14 Chainlink (LINK) LINK Chainlink predictions 72.8% 52 $28.55 -2.09% 2.09% $12 946 785 264 $933 348 492
15 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $0.998089 -0.17% -0.25% $12 789 067 210 $4 458 804 943

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.