It seems that we will finally leave behind the corrective period in the crypto ecosystem. The behavior of Binance Coin also yields this reading, and if you trust this cryptocurrency then it might be a very good idea to buy right now. In this post I show you why.
At the time of writing BNB is trading at $ 422.67, accumulating a loss of 2.07% in the last 24 hours.
As the world’s largest exchange cryptocurrency, it will undoubtedly benefit from the next widespread market rally.
Also, unlike some altcoins, the price of BNB still has plenty of room to rack up good profits, as its momentum is just beginning.
Despite the fact that the little force to go up during the last weeks can say that the best part of the party is over, really the great historical uptrend of this token has not died, and it can still continue to generate joy among holders.
This cryptocurrency has been one of the best performing in 2021, accumulating a gain of 1,032% so far this year. Not to mention the last 4 years, in which Binance Coin has managed to increase by 42,600%, which means that it was able to convert an investment of $ 1,000 into $ 426,000.
The usability of BNB ranges from benefits for using it within Binance, to paying gas fees within the 2nd largest DeFi network of the moment (Binance Smart Chain). There is a good fundamental basis to continue increasing in price.
Binance Coin shows a favorable technical scenario for those who want to buy
Now let’s see what makes me conclude that Binance coin is in a good point to buy, and it is that after last week’s rapid crash, now the rejection of low prices, and a weekly bullish candle tells us that a new momentum can be about to start.
The trend is undoubtedly bullish. The 8-week EMA and 18-week SMA are crossed to the upside and working as dynamic supports.
A search for new all-time highs is the most likely to occur in the near future. Thinking of a 100% profit in the short term doesn’t seem far-fetched at this point.
BNB is confirming bullish resumption
In the BNB vs USDT daily chart we notice how the price has just crossed the immediate resistance located at $ 421. This made way for a short-term bullish transition.
The 8 EMA and 18 day SMA moving averages are still crossed to the downside, and it may be a good idea to wait for a bullish crossover of these, to add probabilities to this forecast where I say that it is a good time to buy Binance Coin.
To think about selling, the support at $ 385 must be crossed (unlikely scenario). Still occurring, the strong major trend could quickly put pressure on.
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