BNB’s Consolidation Looks Strong; Should You Buy Now? Latest Blockchain & Cryptocurrency News

With a market capitalization of $47,134,917,256, BNB stands in the 5th position in terms of blockchain and cryptocurrencies. Leaving aside the stablecoins of USDT and USDC, one should consider BNB as the strongest candidate to alleviate its ranking in coming years.

Multiple alternatives are already developing faster than ETH, but they are not equal to BNB. With 100% of its token already in market circulation, the chances of a sudden dump of tokens by existing investors don’t create a shock compared to other cryptocurrencies.

BNB, on the one hand, opens up the path to Web 3.0 while continuing to offer EVM services, enabling developers to shift their applications onto BNB for faster validation and transactions. Given its utility-focused gains, BNB can jump to new heights in no time, allowing further gain in the crypto space. 

BNB token has entered the realm of absolute negative sentiment, and the buyer behavior near the $250 mark could create a sell-off and a better buying opportunity.

BNB token continues to slip into the abyss. While other tokens are showcasing a potential of an uptrend, BNB is sitting ducks. The rise from its recent lows created a significant spike in the next two weeks, but the momentum has left BNB as it is under $300. BNB has collapsed around 15% in the last 16 days, indicating a lack of buying sentiment.

RSI has sustained the level 40 while having bounced back from 24. The key significant level for BNB to watch out for would be its previous support level, around $350. Sustaining its price above $300 could be a cue for a further retracement to $400 and $500 levels, but those who can wait should wait from $210 levels to come out.

Buying at a lower value in the case of BNB would help generate quick gains. Rising transaction volumes should also be duly noted, and any unusual trend change should be analyzed carefully.