The main cryptosystems are having a period of volatility, including the Binance token (BNB). Therefore, today we will analyze in the graph of the day the Binance Coin that receives us in green numbers.
We all have in mind how changeable the crypto environment can be. And it is common to observe battles between bulls and bears for control of the market. And in today’s context, both have increased their transactions and that is generating volatility and an increase in the volume of operations.
Binance Coin: 5 use cases for the BNB token
Binance coin transactions
Binance Coin is one of the Alt Coins that has managed to maintain an incredible performance throughout its history, placing at the time of writing in the number 8 position in the ranking of the cryptomonies.
Now, in a scenario where the volatility of the transactions of the crypto currencies is growing, the BNB token manages to stand out again for its high volatility.
In just the month of September, BNB has been fluctuating strongly to a volatility in Binance transactions. This suggests aggressive buying by the bulls on the declines and selling by the bears on the lows, as both try to fight for the advantage in their favor.
For the day Mars there is volatility in Binance Coin transactions.
On Tuesday, September 8, according to CoinMarketCap, the price of BNB at the time of writing is 23.14 USD. If we look at the weekly graph, it is more than clear that Binance Coin started to increase the volume of transactions in the last 48 hours to $511 million.
Binance Coin has more presence in social networks than Bitcoin
Analysis of the possible performance of the Binance token
Market analyses agree that both moving Iq Option averages are flat and that the relative strength index (RSI) is just below the midpoint. This suggests a stock in the range of $18 to $24 during the following sessions of the week.
If the bears drop the price below $18, the Binance token price may drop to $14.80.
If bulls can push the price back above $24, as they did in early September when it reached $25.29, the BNB token could go up, according to CoinMarketCap analysis.
A breakout of this resistance will be very positive, as the next market objective is to push the BNB price up to USD 32.
All our publications are for information purposes only and should not be relied upon as investment advice.