One of the best-performing cryptocurrencies so far in 2019 is definitely Binance Coin ($BNB). After closing 2018 at $5.94, $BNB went on to almost double in value when it peaked at $11.32 earlier this month. Much of the success of $BNB has been related to the Binance Launchpad, which has been serving as an investment platform for popular token sales.
One of the most hyped token sales for 2019 was the BitTorrent token sale which only lasted for 14 seconds and raised over $7 million during that round. The most recent token sale – Fetch.AI – raised over $6 million within a span of 22 seconds. Because each token sale uses $BNB as the underlying currency, it creates much liquidity and demand for the token. As such these token sales contribute to the positive momentum for $BNB.
For those of you that feel bad about either missing out on the token sale or being able to participate if you are from one of the dozen excluded regions (including the USA), keep in mind you are always able to purchase the token when its listed on the platform.
For example, if you bought $BTT as soon as it went live on the exchange you could have still easily doubled your investment. Keep in mind, it’s always a risk when buying a token either during the presale or after it goes live. Fetch.AI (FET) will be live on Binance on 2019/02/28 10:00 AM (UTC).
Binance Coin Technical Analysis
As of right now the rest of the market is stagnating, so it’s interesting to take a look at the BNB/USD chart that is showing signs of life.
Relative Strength Index: Looking at the RSI which is currently at 42 means that the market is healthy. The sentiment is that the market is neither overbought nor oversold, meaning there is potential for stability in the near future.
Bollinger Bands: Quite a different story is being told by BBs. It looks like the chart is heading towards the bottom band meaning that the price is looking for support at that level. The fact that the price dipped below the moving average line is also a signal that support will most likely be tested in the near future.
The good news is, the support at $9.5 has proven to be relatively stable the past 2 days. The $9.7 level which $BNB is trading currently at has been a key player in the market ever since Feb. 19th when BNB bounced up over 20% to its 2019 ATH of $11.32. Because $10.00 is such a round and emotional number it makes perfect sense that the market is having a hard time establishing that as a solid point of support.
There is no data available on the next token sale that will be launched via the Binance Launchpad but when the announcement does come, I wouldn’t be surprised if $BNB goes up a few percents. One last note is with the listing for the FET token that is coming tomorrow the trading pair will be FET/BTC, so that shouldn’t affect BNB’s movement.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing in any cryptocurrency. BNB/USD Charts by Tradingview