Binance Coin (BNB) was born in 2017, with the aim of being the internal exchange currency of the Binance Exchange, which currently has become the first crypto exchange in the world by volume transacted, based on the data of the last 24hs of Coinmarketcap had exchanges for $ 12 billion in value, followed by Coinbase with 3.2 billion.
BNB listed since 2019 is today a native token in the Binance chian, goes hand in hand with other features of its ecosystem, in particular with the Binance Smart Chain (BSC) which boasts cutting-edge technology, derived and similar to the Ethereum blockchain, in fact they are almost totally compatible, but with the advantage of much lower gas fees.
BNB has grown by 10000% in 13 months thanks to DeFi and the launch pools on Binance
The Binance Smart Chain has had a crescendo of uses in the development of dApps (decentralized applications) up to the DeFi hosted directly inside the exchange and everything is obviously based on the use of BNB which also has the advantage of staking being in Proof of Stake.
From this picture one can guess why BNB has had exponential growth over the years, considering that during the Covid crash in March ’20 it had dropped to $ 6, 13 months later it was quoted almost $ 700 with a growth of over 10000%.
Graphically we can see that BNB has also undergone the correction of the last 3 months, losing 50% from the highs of early November. It should be noted that compared to other coins that hit relative lows of 2022 7-10 days ago, BNB has hardly rebounded and is still in a very sensitive area.
On this support, we also have an important Fibonacci level
At the current price of $ 360, in an evident bearish trend, it is still leaning on support, given by a volumetric area with a large PoC that passes $ 355, we also have 50% Fibonacci, of the historical minimum-maximum vector. This level is a watershed because a drop in the price below opens high statistical probabilities to further drops. Therefore it is necessary to be very careful with stops inserted in the car below $ 321.
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