BNB Analysis
| Overall Performance | |||||
| 24-hr | 7-Day | 30-Day | 1-Year | Mkt Cap. | 24-hr Vol. |
| -0.98% | -4.21% | 4.16% | -21.30% | 51.40 bn | 0.61 bn |
BNB (BNBUSDT) price over 7 days dropped -4.21% to 324.20 . For the record, BNBUSDT is -52.57% below all-time high of 686.31.
Over the last 30 days, BNB is up by 4.16% while 12-month period is down by -21.30%.
For the week, our technical analysis on the price action looks pressured towards the downside as BNB is not performing well over the last 7 days.
What can we expect from BNB today?
At time of writing, BNB has decreased by -0.98% over the past 24 hours. Our analysis is that there could be selling pressure.
Looking ahead for the day, immediate support level is at 318.20 (S1) with break below could see further selling pressure towards 312.20 (S2). As the current momentum is fading, we prefer to look at firm break of the recent daily high of 327.60 with a higher-low pullback as a possible indicator of buying interest. Though failure to break the resistance level could also suggest price consolidation.
Key levels to watch out:
| R3 | 339.60 |
| R2 | 333.60 |
| R1 | 328.90 |
| Daily Pivot | 322.90 |
| S1 | 318.20 |
| S2 | 312.20 |
| S3 | 307.50 |
About BNB
Binance Coin is the cryptocurrency of the Binance platform. It is a trading platform exclusively for cryptocurrencies. The name “Binance” is a combination of binary and finance.Thus, the startup name shows that only cryptocurrencies can be traded against each other. It is not possible to trade crypto currencies against Fiat. The platform achieved an enormous success within a very short time and is focused on worldwide market with Malta headquarters. The cryptocurrency currently has a daily trading volume of 1.5 billion – 2 billion US dollars and is still increasing.In total, there will only be 200 million BNBs. Binance uses the ERC20 token standard from Ethereum and has distributed it as follow: 50% sold on ICO, 40% to the team and 10% to Angel investors. The coin can be used to pay fees on Binance. These include trading fees, transaction fees, listing fees and others. Binance gives you a huge discount when fees are paid in BNB.The schedule of BNB fees discount is as follow: In the first year, 50% discount on all fees, second year 25% discount, third year 12.5% discount, fourth year 6.75 % discount, and from the fifth year onwards there is no discount. This structure is used to incentivize users to buy BNB and do trades within Binance.Binance announced in a buyback plan that it would buy back up to 100 million BNB in Q1 2018. The coins are then burned. This means that they are devaluated to increase the value of the remaining coins. This benefits investors. In the future, the cryptocurrency will remain an asset on the trading platform and will be used as gas.Other tokens that are issued by exchanges include Bibox Token, OKB, Huobi Token, and more.
