Binance (BNB) Levels Out, but Where Is It Headed?
Top tier crypto coin Binance (BNB) experienced a marginal loss of 0.50% today compared to yesterday, with the rate holding steady at $414.59 (BNB/USD). The BNB price peaked at $426.81 Wednesday, and it has fallen since then, but not drastically. Binance was looking bullish at the end of last month, along with the rest of the market, but that’s not the case right now.
How BNB Compares to the Wider Market
Much of the crypto market is stagnating today, with Bitcoin (BTC) down just 0.66%, Ethereum down 0.03%, and Solana down 2.04%. BNB is right on par with the other big players, and it is holding on to its #4 rank quite strongly. We don’t expect it to move from there, but we also expect it to follow along with what the rest of the market is doing. As Bitcoin shifts, Binance will likely trail slightly behind, so watch that major crypto for indications of what BNB might be doing.
Is Binance Heading Back Up?
With the major crypto market players are showing little change, that could mean we are due for a shift in one direction or another. At the moment, war continues across Ukraine, affecting much of Europe and the rest of the world. Inflation is up (4.38% by the last check), and cryptocurrency is under scrutiny as numerous governments consider regulating it more intensely. None of this bodes well for the future prospects of BNB or the rest of the crypto market, but we could see some short-term gains occur anyway.
A lot of the factors that are keeping the rates where they are (which is worse off than last year) are not expected to improve anytime soon. Crypto might not be a good investment at this time for people hoping to see a massive return over the next few months.
BNB may increase over the next week or so, but it could very well have trouble holding onto any gains it makes. $457.67 was BNB’s recent high, achieved on April 5th. We could see a repeat of that, and the $450 resistance level is where most investors are paying close attention with this crypto.
The support level is around $380, as BNB has had no problem dipping below $400 from time to time in recent weeks. BNB has seen the underside of $380 a few times this year, and the concern is that it will head back that way if there is any negative market shift.
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