Binance is one of the largest crypto exchanges that rival market leaders like Coinbase, Gemini, and FTX. Binance decided to create an efficient blockchain to handle data management. At first, their Binance Chain was blockchain, focused only on the Binance exchange but soon transitioned towards smart contracts.
BNB also enables holders to earn through staking rewards without owning too much of BNB. It stands among the top cryptocurrency in terms of market capitalization and is helping Binance grow in the crypto exchange domain.
The entire structure of BNB is based on growth and progression that would offer similar features to ETH with some real-world applications in cryptocurrencies.
Binance token has taken the crypto crash of May 12 like a champ and even recovered a healthy 45%, which includes 13% gains on the present day. Get more details about the expected price rise of the BNB token.
BNB’s bounce back from $216 lows to $308 within 24 hours has not been without support. BNB had a substantial consolidation before a breakout from $200 levels back in Feb 2021.
As a result of this price action, $200 has been developed as a buying zone for BNB tokens. The peak value of BNB is facing profit booking near $700, which has turned into a strong resistance zone hindering further growth.
When it becomes clear that the price cannot cross a certain level, profit booking follows. Since the BNB token has a unique tokenomics compared to a majority of crypto projects, be it stable coins, altcoins, or BTC.
BNB will have to rise above $440 and overcome the 100 DMA resistance to become trending concerning pre-crash levels. Consolidation of BNB from $360 to $440 was active for more than three months, and breach of the same indicated a deeper dive.
Hence, the crash of May 09, where BNB fell by majorly, indicates a possibility of further crash and consolidation at lower levels. Acquiring BNB at current values can easily generate considerable gains in the coming months. Overcoming the breakdown scenario near the $324 support level would initiate a positive sentiment for BNB tokens in the near term.
Source: https://www.cryptonewsz.com/binance-coin-is-ready-for-rally-after-initiating-a-recovery/