Binance Coin (BNB) Can Hit $500 Soon (+120%)
BNB has made incredible progress, making it one of the best performing altcoins.
BNBUSDT has been going sideways for a while now suggesting a breakout is imminent.
Technically BNBUSDT is ready for a breakout upwards. Bottom trend of BNBUSDT is being tested actively but the more a trend(line) is being tested, the weaker it becomes.
That's something to watch out for. A breakout downwards is less probable, but not excluded!
BNBBTC (bottom chart) looks more reliable and clear.
You can tell BNBBTC is creating the same scenario as before. A strong demand zone (green box) and lower highs creating a descending triangle in a bullish trend .
It's just a matter of time for the next pump to be big enough to break that supply zone (red box).
(In case TradingView messes up my drawings on the bottom chart.)
Taking it all in consideration it looks pretty bullish .
Target:
If BNB follows its bullish course, it's solid to estimate the next pump will be about the same intensity as the previous ones which were 120-150%.
$500 equals an increase of 120%, it's a round number and is by nature a psychological level (of resistance).
$600 equals an increase of 150%. It's also a round number but not as round-round as $500 ;)
The way BNB works also explains why BNB is surging.
BNB can be bought on Binance and then be used for transactions as the fee currency. It's like the in-house currency.
By using it for transactions you pay 50% less in fees and you can save more money over time.
BNB is pre-mined as 200 million BNB tokens meaning all tokens are already in circulation.
The BNB that gets used in transactions is then burned making the currency gradually deflationary. Binance keeps on burning until the supply is cut in half. (100 million tokens)
Around 30 million tokens (30%) are already burned. That's 70% more to burn. See this overview of burnings.
BNBUSDT has been going sideways for a while now suggesting a breakout is imminent.
Technically BNBUSDT is ready for a breakout upwards. Bottom trend of BNBUSDT is being tested actively but the more a trend(line) is being tested, the weaker it becomes.
That's something to watch out for. A breakout downwards is less probable, but not excluded!
BNBBTC (bottom chart) looks more reliable and clear.
You can tell BNBBTC is creating the same scenario as before. A strong demand zone (green box) and lower highs creating a descending triangle in a bullish trend .
It's just a matter of time for the next pump to be big enough to break that supply zone (red box).
Taking it all in consideration it looks pretty bullish .
Target:
If BNB follows its bullish course, it's solid to estimate the next pump will be about the same intensity as the previous ones which were 120-150%.
$500 equals an increase of 120%, it's a round number and is by nature a psychological level (of resistance).
$600 equals an increase of 150%. It's also a round number but not as round-round as $500 ;)
The way BNB works also explains why BNB is surging.
BNB can be bought on Binance and then be used for transactions as the fee currency. It's like the in-house currency.
By using it for transactions you pay 50% less in fees and you can save more money over time.
BNB is pre-mined as 200 million BNB tokens meaning all tokens are already in circulation.
The BNB that gets used in transactions is then burned making the currency gradually deflationary. Binance keeps on burning until the supply is cut in half. (100 million tokens)
Around 30 million tokens (30%) are already burned. That's 70% more to burn. See this overview of burnings.
Trade active:
Currently breaking out up with perfect volume. BTCUSD is also breaking out up on lower TF (causes moneyflow into altcoins). Looks great. Be there before the FOMO!
Trade closed: stop reached:
It's beautiful. I've looked at this for 5 hours now.
Trade ended, still holding spot BNB.