BNB Price GBP in our last weeks assumption turned out to be correct as the altcoin dropped to the 20-day EMA on February 28 as we had highlighted in the previous analysis. Both moving averages are sloping up and the RSI is above 61, which suggests that bulls are in control. If they can build on the March 1 rebound and propel the price above £200, the BNB/GBP pair may again rally to the all-time high at £249.
BNB PRICE GBP – HOW TO TRADE BNB/GBP 2ND MARCH 2021 - UPDATED CONTENT
On the other hand, if the price turns down from the current levels or the overhead resistance, the pair may remain range-bound for a few days. The trend will favor the bears if the price can break the £130 support.
Although the trend is bullish, strong rallies are usually followed by a period of consolidation. We anticipate the pair to trade in a range for a few days before starting the next trending move. Therefore, we are not proposing a trade in it.
BNB PRICE GBP – HOW TO TRADE BNB/GBP 23RD FEBRUARY 2021
BNB price GBP Traders who purchased Binance Coin on our recommendation in the previous analysis could have made a huge profit. Though the all-time high at £249 on February 19 exceeded our expectations, we are not complaining.
The sharp rally propelled the RSI above 94, which shows an extremely overbought condition. That attracted profit booking on February 20. The aggressive bulls tried to resume the uptrend on February 21 but failed as higher levels again attracted profit-booking.
The bulls have been defending the £156.648 level for the past few days but repeated retest of a support level tends to weaken it. If the bears sink the price below £156.648, the BNB price GBP pair could drop to the 20-day EMA.
This is an important support to keep an eye on because a break below it could intensify the selling and pull the BNB price GBP down to £91.686. A vertical rally usually ends in a waterfall decline.
Therefore, we suggest traders remain on the sidelines and wait for the correction to end before initiating any long positions.
BNB PRICE GBP – HOW TO TRADE BNB/GBP 16TH FEBRUARY 2021
BNB price GBP is currently consolidating between £85 and £102.60 for the past few days. When the price does not correct in a strong uptrend, it shows that traders expect the rally to continue further.
If the bulls can push the price above £102.60, a retest of the all-time high at £107.728 is possible. A breakout of this level will resume the uptrend. The immediate target objective is £120.2 and if that level is crossed, the uptrend could reach £150.
Contrary to this assumption, if the Binance price GBP turns down and breaks below £85, it may correct to the 38.2% Fibonacci retracement level at £77.658, and if this level also cracks, the next support is at the 20-day EMA.
A trading opportunity could open if the Binance price GBP sustains above £107.728 for a few hours. For this trade to be successful, the price should breakout and surge higher without any hesitation. As the risk is high, traders could choose to pass this trade or attempt it with a 50% position size of the normal.
HOW TO TRADE BNB/GBP
The BNB price GBP is of the markets most widely traded pairs. Binance is currently the world’s largest cryptocurrency exchange, with around $26,721,795,985 in assets traded in an average 24 hours period. Binance’s rise to the top has been swift. Since its launch in July of 2017, Binance has grown at a rapid rate.
The Binance Coin (BNB)
BNB is an ERC20 token built on Ethereum. The total supply is limited to 200 million BNB, after which no more coins will be created. BNB was created by Binance in 2017 as its utility token for discounted trading fees. BNB has since become the native token of the main Binance Chain blockchain. BNB can also be used to pay for travel expenses (such as hotels and flights booking), to buy virtual gifts, to shop using a credit card, and more. What additional utility does BNB have Store/Hold BNB Many traders and investors store their BNB with the mindset of the Token increasing in value over time. You can store your BNB safely on your Binance account or on a 3rd party cold storage device that supports the BNB token. Trade BNB You can trade BNB for 150+ cryptocurrencies on Binance’s industry-leading, fast, and secure trading platform. Binance offers several trading pairs for BNB to meet your needs. Send BNB Payments for products and services all over the world, the token can be sent to an appropriate destination very fast with block confirmation making 1 second to complete. Spend BNB Aside from using BNB for your trading fees on Binance, you can also use BNB in more than 100 ways, most of which for buying anything from meals to houses. Staking and passive income On the Binance cryptocurrency exchange, it is possible to utilise the BNB token to earn staking rewards on their launchpad. It’s very easy to utilise the launch pool to stake, earn and passively generate income
HOW TO TRADE BNB PRICE GBP
BNB price GBP, despite maturing since its launch in 2017, is regarded as a highly volatile cryptocurrency. The number of whales holding between 10,000 and 100,000 BNB coins ($1,300,000 and $13,000,000) has increased by 10 in the past week. Similarly, smaller holders with 1,000 to 10,000 BNB have also been joining the network in the past week from 656 on February 3 to 667 currently. It is interesting to realize that as Binance Coin’s value soars, some whales are offloading. This shows that all of the Binance Coin holders are perhaps in profit, and therefore, it makes sense to sell.
GBP AND BNB – MAIN DIFFERENCES
Many factors drive crypto’s price direction, and they are much different from those that influence fiat currencies like GBP. Traders looking to trade BNB Price GBP currency must understand these differences and factors to trade profitably. Even though it differs (in nature) from Bitcoin and Etherereum pricing direction, like any other cryptocurrency, is directly correlated to Bitcoin. Another thing that must be kept in mind is that all digital currencies, including that of Bitcoin, are mostly influenced by increased public sentiment related to the adoption of digital currencies in the future. Thus, news about developments that further impact cryptocurrencies’ traction drives the prices of cryptocurrencies, upwards. Especially in the case of BNB, the growing number of Binance exchange users getting exposure to the exchange is a major driving force behind the adoption of BNB. More recently the Launchpad and the DEFi solutions surround the blockchain have been seen to improve and increase the utility of the token, that correlating the high gas Fees on Ethereum the DEFi space has been a very nice and positive addition to the BNB token and overall ecosystem.
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