Binance Coin is the native token of the Binance chain. Previously, this coin had been on Ethereum but was removed after Binance Smart Chain’s completion. Today, BSC is one of the fastest networks in the digital asset space, helping traders execute transactions faster and more efficiently. In 2017, when Binance launched BNB, it assured that the token would have a limit of 200 million tokens.

 Thanks to the token limit, scarcity has made BNB valuable despite the continuous market crashes. It’s safe to mention that Binance also periodically burns the tokens. Burning is a common term in the digital asset space, and it means to destroy an asset permanently. Many companies do this to increase the value of tokens per unit, which has worked in numerous instances.

Initially, Binance created BNB for users to benefit from lower transaction fees. So, when users own Binance Coin, they pay less for transaction execution. However, thanks to the growing support for digital assets, things have changed. Also, BNB is the payment means for other Binance platforms, such as BSC and Binance DEX. 

You can also use it to pay for products on various platforms, such as Crypto.com, and hotel reservations on specific platforms. Similarly, you can use BNB to pay for online services or even take out loans. Also, people use BNB to buy other cryptocurrencies, especially on Binance. So, if you have Binance Coin and want to purchase other assets, you can easily use it.

It is safe to state that BNB is still a solid investment for people interested in buying the coin. For one, with BNB, they enjoy lower charges on transactions when trading on Binance. As a trader or investor who hopes to make noticeable profits, essential to maximize your profits by paying lower transaction fees.

BNB recently broke the resistance around $420 and has subsequently surged to $460. Since the price touched $460, the price has corrected somewhat and has confirmed the old $420 resistance as support, retesting the area. Now, the price might initially target the resistance of around $470. If this breaks, the price could continue to rise to the next resistance. This is around $500, which is the goal for BNB.

>> CLICK HERE TO BUY BNB <<

In order for the BNB price to rally to the $500 resistance, the price must break the drawn trend line. This had served as resistance in the past since the beginning of the correction and could now cause prices to fall again in the near future. If the BNB price breaks this trendline, we expect the price to rally to $500 without any problems. However, the intermediate goal is $470.

Binance Coin price formed a trend line during the recent move down. This trend line constantly causes prices to fall, which is why it must be broken for an upward movement to take place. A broken downtrend line is an indicator that the price is about to reverse and start an uptrend. Because of this, this is the most important thing that needs to happen for Binance Coin price to reach $500. In figure 1, the trendline was just broken and BNB price is right at the psychological price of $400. Once BNB crosses $430, we can become more sure that prices are heading towards the $500 target.

Keep in mind to always consider fakeouts, as they occur frequently with cryptos. Fakeouts allow prices to break those trendlines or important areas, but only for a brief time before continuing their previous trend. That's why it is always advised not to place tight stop-loss prices right on those areas.

>>CLICK HERE TO BUY BINANCE COIN<<

As the red trendline is heading towards support ($340), the price could be in a descending triangle. Since the price formed the triangle after a descent, we assume that this triangle will also be noticed by the market. Thus, the price could break down with a probability of about 70%. However, since prices have already broken this triangle upwards, for several days now, and since the overall crypto market is on the rise, this downward scenario is unlikely for now. Traditional financial markets are very tense currently, and cryptocurrencies are being promoted as solid alternatives. The flock of capital towards those cryptocurrencies will definitely refrain from the scenario of falling prices.

In any case, it is important to keep a close look at the crypto market, as in this current critical case, fundamental news trump technical analysis. If the entire crypto market is crashing, BNB prices will follow.