The Binance Coin price is in a tight range as the rest of cryptocurrencies retreat. The BNB is trading at $295, which is slightly below yesterday’s high of $315. It has a market capitalization of more than $45.6 billion, making it the 4th biggest cryptocurrency in the world.
Binance Coin background
Binance is the biggest cryptocurrency in the world, processing more than $1 trillion worth of coins every month. The company provides solutions that allow people to trade and exchange thousands of cryptocurrencies. In 2018, the exchange launched the Binance Chain network, a relatively similar platform to Ethereum and Polkadot.
Binance Chain is a blockchain network that allows developers to build applications like Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT). It uses the smart contract technology. It uses several principles like a standalone blockchain, ethereum compatibility, and staking involving consensus and governance. Binance Chain uses a Proof Staked Authority (PoW).
Binance Chain has been used to build some relatively popular blockchain projects. Some of the best known BSC projects are PancakeSwap, Autofarm and Binance USD. BNB is the native currency used in the Binance Chain network.
Still, more developers prefer using Ethereum’s blockchain technology. Indeed, most of all the biggest DeFi projects are built using the Ethereum network. They include Maker, Aave, Compound, and Curve Finance. This is probably because of his long track record of the network. Also, Binance Chain is said to be less secure than other networks.
Binance Coin price prediction
The daily chart shows that the BNB price has been in a tight range recently. It has moved below the 25-day and 50-day exponential moving averages (EMA). The coin has moved below the important resistance at $433 while the Average True range (ATR) has declined to the lowest level since April 7. This is a sign that volatility has dropped substantially.
Therefore, the outlook for the coin is neutral ince it has not formed any price action pattern. As such, the key reference levels to focus on are $210 and $350.