Binance Coin Up By 1.30% – Time To Buy BNB Coin?
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Binance Coin has remained one of the top three crypto-assets by the market cap, making it a good time to buy BNB.
The discount token has largely tracked the growth trajectory of its issuing crypto exchange. Year-to-date, BNB has surged more than 1,600%, and today’s rally has followed a similar suit.
In this article, we will consider the technical and fundamental performances of the BEP-20 token.
BNB Market Position
At press time, the asset is trading at $643.0, up 1.30% in the last 24 hours. It has also continued in its weekly gains and is up 1.16% in the last seven days.
The impressive bull run of this asset is further reflected in its monthly performance indices as it has gained 7.56% in the previous month.
This has reflected positively on the market cap of the digital token which stands at over $108.5 billion, up 1.24% in the past day. The 24-hour trading volume of the asset is up 4.99%, with over $2.2 billion worth of BNB being traded.
The Binance-issued coin has a record of making massive surges in the past. It hit an all-time high (ATH) of $690.93 on May 10, 2021, before the dip that engulfed the crypto market. The asset has continued to soar in price its use cases increase.
Transactions with BNB on Binance Exchange attract a discount, which motivates users to trade using the coin.
This has led to meteoric transaction volumes with the Binance exchange currently averaging well over $60 billion in daily trades.
With so much potential and the rapidly expanding Binance ecosystem, Binance Coin is set to play a crucial role in the exchange’s future. This makes now an ideal point to buy BNB and rise with the market.
BNB Technical And Fundamental Analysis
BNB is currently trading above its 20 and 200 day Moving averages (MA) prices of $587.9 and $418.4, respectively, signifying that it is currently on a bullish run.
At the time of reporting, the 14-day Relative Strength Index (RSI) is 68.67, indicating that it is trading in the under-bought region.
The Moving Average Convergence and Divergence indicator (MACD) shows a time to buy BBN as the green trendline is above the orange indicator.
Binance Coin has kept up its impressive performance largely due to its strong fundamentals. For one, the Binance exchange successfully burnt about 1,335,888 BNB, approximately $639,462,868.
The platform has announced that it will be introducing the FC Porto Fan Token on its Launchpad, allowing users with BNB the freedom to participate in the club’s activities.
