Binance Coin [BNB] Price Analysis: BNB Hammers at $30: Cryptos Hit the Pause Button

BNB

Binance Coin [BNB] Price Analysis: BNB Hammers at $30: Cryptos Hit the Pause Button

  • The total supply of Binance Coin needs to be brought down to 100 million BNB tokens.
  • According to the MACD, BNB/USD has a bearish bias in the short-term.

Binance Coin (BNB) has been a great performer in the cryptocurrency market since the year began. Besides making it to the top ten largest cryptocurrencies, BNB overtook several assets in order to hold the sixth position. It has a market capitalization of $4.4 billion and a 24-hour trading volume that currently stands at $688 million.

The data on CoinMarketCap shows Binance Coin has a total supply of 187,536,713 BNB while 155,536,713 BNB tokens are in circulation. This is after the latest quarterly coin burn that saw the network destroy 808,888 BNB tokens worth $24 million at the time. The total supply for Binance Coin needs to be brought down to 100 million BNB. While the exchange will continue to the burn based on the trading volume, Binance team will give up all its allocated 80 million BNB for the coin burn process.

Binance Coin Technical Picture

The 1-h chart for BNB/USD trading pair shows a cryptocurrency that still has great potential for recovery despite the upside being capped at $30. The battle for recovery comes after the entire crypto market tumbled amid global regulatory uncertainty for the proposed Libra cryptocurrency from Facebook Inc. Although Facebook will continue with the development of the project ahead of the launch next year, the company has a lot to do to convince the regulators that its intentions are right.

BNB/USD 1-h chart

BNB Chart
BNB Chart source: Tradingview

 At the moment, Binance Coin is trading at $29 above both the 50 Simple Moving Average (SMA) 1-h currently at $27.76 and the 100 SMA 1-h currently at $27.62. Weak bullish momentum is currently building towards $30.00 immediate resistance. However, the Moving Average Convergence Divergence (MACD) shows Binance Coin having a bearish bias in the short-term. The increasing divergence downwards suggests that the sellers are likely to continue gaining traction and, therefore, a break above $30 could be an uphill task in the coming sessions.

BNB Key Technical Levels

Key Hurdles: $30, $33 and $40.00.

Key Support Areas: $27 and $24.

MACD 1-h chart: Signals increasing bear pressure.

Moving Averages: BNB price above 50 SMA and 100 SMA.

 

Summary
 Binance Coin [BNB]: BNB Hammers at $30: Cryptos Hit the Pause Button
Article Name
Binance Coin [BNB]: BNB Hammers at $30: Cryptos Hit the Pause Button
Description
The total supply of Binance Coin needs to be brought down to 100 million BNB tokens. According to the MACD, BNB/USD has a bearish bias in the short-term.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Post your comment...
John Isige 310 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @