The purpose of this article will be to dissect Binance Coin, both in the short and the long-term.
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I rarely write articles that are price reviews of coins that are outside of the top10 but I felt as though the Binance Coin sort of mandated one.
After watching this coin in recent weeks, it looks as if this badboy just won’t stop going!
I said this multiple weeks ago, but Binance Coin has been one of my favorites to be a top performer for 2018, and it certainly has not let me down.
Let’s take a look at what I’m seeing on the charts right this very second:
This coin is once again roaring against the $BTC pairing.
What I like the most about it though is the fact that it hasn’t been getting rocked by the market the way that most of the other cryptocurrencies out here have.
Check this out below:
This is on the 2H chart (so very short term — keep that in mind here):
The part where you see a box that says “-6.37%” is the period of time when the market had that massive sell off (when Bitcoin fell from like $7.8k down to $6.5k in a day or two).
As you can see, 6.37% damn sure ain’t bad, and shortly after, $BNB broke out of its localized downtrend and then surged back upward in price, making it one hell of an investment.
As mentioned in the previous article that I cited, Binance Coin has been going through multiple periods of consolidation before popping and this is represented in fractals on almost every single time frame.
Below, is an example of how it’s doing this on the H2:
Now, let’s scroll out to the 1D TF:
Let’s Scroll Out to the 1-Week View and Check it Out:
You probably get the picture from this point. In other words, Binance is looking bullish as hell, both in the long-term AND short-term.
The USD Value of This Coin Has Been Banging As Well
#1 — The Quarterly Coin Burn Has Been Bumping Up Prices
#2 — The Announcement That They Will Move to Malta Was Bullish
#3 — The Plans to Curate a DEX At Some Point is Also Bullish
#4 — Binance Announces Plans to Introduce Fiat Trading on its Platform
#5 — Binance Has Been Adding a ShitLoad of Coins to its Platform This Year
This is bullish for a few reasons.
a) This brings more people to the platform to trade (i.e., people who are holders of that coin or those that may now be enticed to trade on Binance because they now offer said coin).
b) That coin subsequently boosts the traded volume on Binance as a whole, which moves it up the worldwide rankings of traded volume of all exchanges.
c) This means that the exchange, overall, gets a tremendous boost — i.e., Binance Coin wins in the end.
It appears as though Binance Coin has proven itself to be impervious to the current downtrend in the market thus far and will remain that way for the foreseeable future. This coin is still a monster, and I’m curious to see what will happen to it once the market actually begins a substantive recovery.
For now though — this appears to be the safest investment that one can make in the cryptosphere at this present moment.
Disclaimer: This is not financial advice. All opinions expressed within this piece are solely that of the author’s and should not be construed as advocacy for any particular trading strategy. Take everything seen above as research and information.
The author does not currently hold a position in the aforementioned coin, nor is he invested in any competitors.