BNB is yet to rally despite Binance’s recent token burn
October 17, 2022 | by olympieioncryptonews
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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.
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.
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users.
It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.
On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
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