Will the return of the 250 dollar level move the BNB higher? BNB is ranked 4th in terms of market capitalization and is probably the best managed new year coin as a crypto exchange. Despite the 80% distributed supply, BNB burns itself repeatedly to maintain a degree of decentralization.
The large number of tokens listed on the Binance Network and the minimum transaction fees are the main reasons for frequent customers for the Binance Network to create a large ecosystem for B.N.B. After the FTX exchange, Binance once again showed its leadership in a progressive ecosystem that can manage liquidity and manage customer funds with good governance.
The BNB coin rose sharply in the last week of October, but concerns about the FTX backlash seem to have produced a higher than expected change. Binance coin has dropped almost $100 from its symbolic value in just a few weeks. BNB’s prospects for expansion into the cryptocurrency empire eclipse those of its competitors in high margins, but despite the growth, BNB has not been able to demonstrate a similar upward trend.
Instead, the return of Binance coin to the $250 mark is seen as a free investment to re-enter the token. A similar buying pattern was observed on November 10 and 22, confirming that BNB is trading at a lower price. Regardless of the state of Binance coin, the main challenge is to overcome rejection and develop resistance near the $362 mark.
The sooner BNB can reach the $400 mark, the more likely it will continue the bull run. Since the crypto crash in May 2022, Binance coin has failed to break the $350 emotional resistance level three times, due to various crypto issues. Read our Binance coin forecast to find out when it will cross the $350 mark. The RSI at the current level indicates a healthy position above neutral at 54, which is close to the 75 trained area. therefore, a trading session can be seen anytime before the end of November 2022.
Likewise, this also shows the full year of crypto weakness. The last two days of price movement have seen a significant increase, which brings BMB back to the 38.3% Fibonacci retracement level. The battle between the next two Fibonacci levels will be interesting to watch as the RSI begins to fall.