BNB continues to underperform despite Binance’s recent token burn

2022-10-17 13:17

BNB has been underperforming despite Binance burning over $500 million worth of BNB tokens last week.

BNB, the native coin of the Binance ecosystem, is up by less than 1% in the last 24 hours. Over the past seven days, BNB has lost more than 1% of its value. 

The coin’s performance is in line with that of the broader cryptocurrency market. The total crypto market cap is down by less than 1% today and has fallen below the $920 billion mark.

Bitcoin is up by 1% in the last 24 hours and continues to trade above the $19,000 support level. Ether, meanwhile, is up by more than 2% so far today and is now trading above $1,300 per coin.

The performance comes despite Binance burning $547 million worth of BNB tokens earlier this month. This was the 21st quarterly BNB token burn carried about by Binance. 

Earlier this year, Binance burned over $700 million worth of BNB tokens, one of its highest since the cryptocurrency exchange was established five years ago. 

Key levels to watch

The BNB/USD 4-hour chart is bearish as BNB has been underperforming over the last few days. 

The MACD line is below the neutral zone, indicating a bearish trend. However, it is slowly rising and could enter the positive region if the broader market embarks on a bullish run.

BNB/USD Chart By TradingView

The 14-day RSI of 51 shows that BNB is not in the oversold area despite underperforming in the last few days.

At press time, BNB is trading at $272.2 per coin. If the slow market recovery continues, BNB could surge past the $280 resistance level before the end of the day.

However, BNB could struggle to move past the second major resistance level at $293 in the near term. 

If the bearish trend persists, BNB could be forced to defend the resistance level below $259 over the next few hours or days. 

Where to buy now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today Disclaimer

Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy BNB with Bitpanda today

The post BNB continues to underperform despite Binance’s recent token burn appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 657.09 (+0.11%)
Объем 24H $1.095b
Изменеия 24h: -1.09 %, 7d: -8.44 %
Cегодня L: $652.14 - H: $668.43
Капитализация $94.626b Rank 5
Цена в час новости $ 273.77 (140.02%)

bnb binance despite continues less hours past

Источник: coinjournal.net

bnb binance → Результатов: 126


Что мешает росту Binance Coin (BNB)

Еще с восьмого ноября Binance Coin (BNB) торгуется выше $600, но значимого прорыва совершить так и не может. Из-за этой стагнации многие инвесторы задаются вопросом о том, сможет ли вообще криптовалюта обновить исторический максимум.

2024-11-22 20:54


Binance: BNB Chain DEX Drops 24% In Volume As Mpeppe (MPEPE) Gains BNB Community Support and Momentum

The decentralized exchange (DEX) on Binance’s BNB Chain has recently experienced a significant drop in trading volume, with reports showing a 24% decrease over the past month. As Binance Coin (BNB) Chain’s DEX activity slows, new projects like Mpeppe (MPEPE) are quickly gaining traction among the Binance Coin (BNB) community. Mpeppe (MPEPE), a memecoin with […]

2024-9-7 17:24


Фото:

Binance completes 28th quarterly BNB token burn, billions of coins incinerated

The crypto market eyes new ATHs following Bitcoin’s recent uptick towards $68.5K. Amidst the optimism, exchange Binance unveiled vital updates about altcoin BNB. BNB’s massive token burns The Binance Foundation confirmed that the BNB Chain finalized its 28th quarterly asset burn, which saw the platform destroying tokens worth $971 million (1,643,698.8 BNB coins). BNB Chain […]

2024-7-22 11:30


В Binance создали альянс для поддержки Web3-стартапов

Экосистема BNB Chain и Binance Labs запустили BNB Incubation Alliance, с помощью которого планируют поддерживать Web3-проекты на ранней стадии. Отбирать перспективные проекты для инкубации будут через серию глобальных мероприятий, проводимых совместно с ведущими венчурными фондами и сообществами разработчиков.

2024-6-13 16:00


Фото:

Binance планирует объединить сети BNB

Разработчики Binance объявили о планах по слиянию двух блокчейнов: BNB Beacon Chain (BEP-2) и BNB Smart Chain (BEP-20) в единую сеть. Это решение направлено на упрощение текущей двойной структуры сети и повышение её безопасности.

2024-1-15 16:22


Фото:

BNB valuation curious as trouble mounts for Binance

The native token of the Binance ecosystem, BNB, is trading at a one-year low.  The token is down 30% over the last month as it careens from one crisis to the next. It has come under further pressure this week amid a report published in the Wall Street Journal over claims it is violating Russian […] The post BNB valuation curious as trouble mounts for Binance appeared first on Invezz.

2023-8-24 17:09


Binance провела сжигание около 2 млн монет BNB

Компания Binance провела 24 ежеквартальное сжигание токенов BNB, в результате которого из обращения было выведено 1 991 854 BNB на сумму примерно в $484 млн на момент написания. The 24th quarterly $BNB token burn has been completed through #BNB Auto-Burn.

2023-7-19 11:50


Распродажа криптовалюты от Binance: перспективы токена BNB

Курс BNB в июне 2023 года заметно колеблется. Сначала упал на 27%, а затем вырос на 10%. Инвесторы не знают, что делать со своими накоплениями. А руководство Binance уверяет, что ситуация с BNB под контролем.

2023-6-20 19:48


Binance Coin Price Analysis & Prediction (April 10th) – BNB Remains Weak After a Steady Three-Week Drops, Down by 1.8%

Binance Coin continues to correct lower for three weeks. It saw a substantial loss this week following a rejection in the past month. It is still looking for firm support to foot another bullish. After marking a multi-high at $346 in mid-March, BNB saw a sudden rejection and started to lose momentum. Up till now, […]

2023-4-11 08:40


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru