THELOGICALINDIAN - Binance Coin BNB has led the top ten cryptocurrencies in agreement of division performance
The Binance crypto exchange’s built-in asset surged 185 percent in the aboriginal division of 2024, jumping from $6.069 to $17.335, according to abstracts provided by Messari. On the whole, BNB was the sixth better gainer in the said period, baffled alone by PCHAIN’s PI ( 787%), Ravencoin’s RVN ( 337%), Everex’s EVX ( 313%), Enjin Coin’s ENJ ( 287%), and Numeraire’s NMR (234%). None of these cryptocurrencies were in the top ten list.
The three-month continued bullish achievement followed a ample beating aftermost year, which saw BNB’s bazaar assets bottomward by over 75-percent from its celebrated high. Part of the collapse was due to crypto market’s overvaluation, which saw some above bearish corrections throughout the top and appendage coins. However, about all the cogent cryptocurrencies seemed to accept accustomed their basal levels, which somewhat explains why BNB had an absorbing budgetary quarter.
Fundamentally Strong
Binance Coin (BNB) remained one of the few bill that traders included in their crypto portfolio. What backed it through the asperous waters, and eventually to a appropriate recovery, is reputation. Binance’s success as a cryptocurrency atom barter helped BNB attaining added angary as a well-backed token. Binance ventured into added business territories that hinted added appeal for BNB tokens in real-time, which included a decentralized barter and token launchpad for blockchain projects.
Looks like assiduity to me.$BNB pic.twitter.com/2P8dJ3FHbJ
— The Crypto Dog? (@TheCryptoDog) March 31, 2019
While on one hand, Binance promised added appeal for BNB, on the added it kept abbreviation the token’s accumulation rate.
In retrospect, Binance spends 20-percent of its profits every division to acknowledgment BNB tokens for destruction. That systematically reduces the accumulation amount of BNB tokens, arch investors to abide bullish based on the archetypal more-demand-less-supply scenario.
What’s Next for BNB?
Technically, the BNB price is now abutting to testing a acute attrition area. Have a look:
The breadth abreast $353 has historically capped the BNB upside activity from crumbling any further. The amount is already afresh testing the aforementioned level, accurate by a abstinent trading aggregate on the circadian chart. If the BNB/USD amount manages to breach through $353, again it could acquiesce the brace to extend its bullish drive added appear $400, a cerebral attrition level.
If BNB/USD fails to atom a blemish action, again the brace could see a aciculate pullback appear the 50-day exponential affective average. This MA has afresh provided abutment to the advancing BNB uptrend.
The Relative Strength Index, which indicates the asset’s momentum, is abutting to entering the overbought area, which agency the advancing uptrend ability bankrupt for a abbreviate time. There is drive abutment at 96.82 that could acquiesce BNB to animation aback and abide its uptrend as before.
