BNB - the most obviously undervalued cryptocurrency
Bull Case:
-Bullish chart signal - High volume buy blasting back above very strong resistance
-CZ, the CEO of Binance is a beast, and is some one you want for the long haul if you are betting on crypto
-Binance expects $500M - $1B in revenue in 2018. Binance allocates 20% of its profits to buying back/burning BNB to increase value
-Binance's most recent coinburn was $17M of BNB on Oct 17, 2018
-Binance is the world's largest spot-buying crypto exchange by number of users (10M+ users)
-History of performing well comparatively in 2018 despite bear market
Bear Case:
-Possible SEC action for providing securities to US citizens
-It's still a cryptocurrency and is tied to the market as a whole, which is trending down
-The USD chart still looks like crap
-Somewhat sketchy listing practices could lead to people using other exchanges. No real competitors at the moment
-Releasing new coin Binance Chain for ICO tokens - Could some of BNB value transfer over to this coin?
General:
-If BNB is even remotely tied to Binance's profits and/or user base, I believe it is very undervalued at a current $800M market cap. If Binance makes $500m-1B in 2018 and therefore returns $100m-200m in the form of coinburn/buyback, this is a very large return for a growth company.
Next Steps:
-Looking for BNB to consolidate along support (above 15000 sats). If it does not fall back through, it could begin its moon mission.
-Bullish chart signal - High volume buy blasting back above very strong resistance
-CZ, the CEO of Binance is a beast, and is some one you want for the long haul if you are betting on crypto
-Binance expects $500M - $1B in revenue in 2018. Binance allocates 20% of its profits to buying back/burning BNB to increase value
-Binance's most recent coinburn was $17M of BNB on Oct 17, 2018
-Binance is the world's largest spot-buying crypto exchange by number of users (10M+ users)
-History of performing well comparatively in 2018 despite bear market
Bear Case:
-Possible SEC action for providing securities to US citizens
-It's still a cryptocurrency and is tied to the market as a whole, which is trending down
-The USD chart still looks like crap
-Somewhat sketchy listing practices could lead to people using other exchanges. No real competitors at the moment
-Releasing new coin Binance Chain for ICO tokens - Could some of BNB value transfer over to this coin?
General:
-If BNB is even remotely tied to Binance's profits and/or user base, I believe it is very undervalued at a current $800M market cap. If Binance makes $500m-1B in 2018 and therefore returns $100m-200m in the form of coinburn/buyback, this is a very large return for a growth company.
Next Steps:
-Looking for BNB to consolidate along support (above 15000 sats). If it does not fall back through, it could begin its moon mission.
It did not consolidate along support, so long positions should never have been entered.