The token was established with a total supply of 200 million, and a key influence on BNB’s value is Binance’s strategy to buy back a percentage of the coins and ‘burn’ them. Holders of the BNB coin are referred to as Binancians.Īccording to Binance’s whitepaper, half the funds raised during the ICO were earmarked for branding and marketing, one-third were used to build the Binance platform and perform necessary upgrades to the Binance ecosystem, and 15% were kept in reserve for emergencies. During the ICO process, the company offered 10% of the total number of coins (BNB 20 million) to angel investors, 40% (BNB 80 million) to the founding team, and the remaining 50% (BNB 100 million) to other participants. In July 2017, Binance held an Initial Coin Offering (ICO) for BNB which helped it to raise $15 million. It is classified as a utility token and can be used on the Binance exchange. The coin runs natively on the Ethereum blockchain and follows the ERC20 technical token standard. Therefore, traders seeking entry can place a pending buy at 0.01458.Binance Coin (BNB) is a cryptocurrency issued by the popular trading platform Binance. Consequently, this will see price action bouncing upwards from the MA of the Bollinger indicator towards 0.01500. If buyers eventually emerge as the winner in this ongoing trading session an upside crossover will occur from here. The last price candle on this chart forms in favor of the seller, however only manages to bring the price to align with the MA of the Bollinger indicator.įurthermore, the lines of the RSI have now converged at the highly sold region at 8% and 7%. On the BNB/BTC 24-hour chart, technical indicators are showing indications that price may proceed in its upside path. This will ensure catching the trend earlier should an uptrend occurs at the fib level of 38.20.īinance Price Prediction Today October 9, 2022: BNB/BTC May Continue Uptrend Consequently, entering traders can position a long order just above the last candlestick here. Nevertheless, the RSI is racing for the oversold, which indicates that the downtrend will continue toward $280 or lower. If eventually, a significant number of traders have anticipated this level as a potential buy point, Binance Coin price candle will find strong support here and will move upwards from there. Moving on, price action remains above the MA of the Bollinger, which hints that the price can still reach higher from here.Īdditionally, the Fibonacci level 38.20 is yet to be tested. The question of if this downward rebound will remain as a minor pullback or not depends on the outcome of the current trading session. However, since the 4th of October, after price action hit the upper band of the Bollinger, price movement has been on a downside pullback. Price action on the BNB/USD market has managed to record moderate profits, since around the 22nd of last month till now. This will be done to derive beneficial trading decisions.īinance Coin Price Prediction Today October 9, 2022: BNB/USD Retraces to the Downside To this effect, we shall further examine the BNB/USD and BNB/BTC market with the aid of technical indicators. Currently, we are at the point of knowing if this upward-sloping trend will be broken down or not. This moderate upside gain can be observed to have started around the 22nd of last month. Join Our Telegram channel to stay up to date on breaking news coverageīNB/USD price action has maintained a moderate long-term gain.
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