BNB was originally created by Binance for use within the Binance ecosystem. However, since then it has evolved, and this evolution is partly what caused incredible gains within the last few months. BNB provides fast transactions, it can be used to buy and sell a variety of coins, we can trust that it is safe and secure as it is run by Binance (the biggest cryptocurrency exchange in the world) and it is becoming accepted as currency by some service providers predominantly mostly in the hospitality/travel industries. However, even with these great fundamentals, even BNB is not immune to FOMO and overvaluation.
Long term
- Recently claimed the top three spot in terms of market cap in the crypto world.
- Created and maintained by Binance, an ever-growing business. Binance constantly markets BNB to their customers which would have caused some of this growth.
- We have learnt a lot about BNB in this run-up, its support and resistance zones, volume potential etc.
Short term
- Volume has dropped off significantly from its earlier run ups.
- RSI indicates that BNB is currently significantly overvalued, every time the RSI has shown a similar valuation we have seen a substantial drop.
- Yet to flip the $500 resistance, currently pumping way past it potentially due to extreme FOMO.
Investors new or old never like to hear it one someone tells them that their coin is due for some retracement, but a decent coin usually goes through the following steps in a bull market:
Hard up, soft down, consolidate, repeat.
It is unrealistic for a coin to go up constantly, people who bought in lower will always take profits along the way which will slow down the growth. The difference between a "good" coin and a "bad" coin, is whether this growth continues, even after a correction. This is where fundamental analysis is vital.
Note: If it successfully holds the $500 support, a drop lower will become invalid.
Buy big sell BIGGER - MegaWhale
Long term
- Recently claimed the top three spot in terms of market cap in the crypto world.
- Created and maintained by Binance, an ever-growing business. Binance constantly markets BNB to their customers which would have caused some of this growth.
- We have learnt a lot about BNB in this run-up, its support and resistance zones, volume potential etc.
Short term
- Volume has dropped off significantly from its earlier run ups.
- RSI indicates that BNB is currently significantly overvalued, every time the RSI has shown a similar valuation we have seen a substantial drop.
- Yet to flip the $500 resistance, currently pumping way past it potentially due to extreme FOMO.
Investors new or old never like to hear it one someone tells them that their coin is due for some retracement, but a decent coin usually goes through the following steps in a bull market:
Hard up, soft down, consolidate, repeat.
It is unrealistic for a coin to go up constantly, people who bought in lower will always take profits along the way which will slow down the growth. The difference between a "good" coin and a "bad" coin, is whether this growth continues, even after a correction. This is where fundamental analysis is vital.
Note: If it successfully holds the $500 support, a drop lower will become invalid.
Buy big sell BIGGER - MegaWhale