The BNB token showed a six-month low, despite the successful launch of Binance.US
Bitcoin fell on September 24 and lost more than 15% of its price — from $ 9,500 to $ 8,000. Altcoins obediently followed him — Ethereum and EOS lost almost 20% of the cost, with them BNB fell to $ 14. This native Binance exchange token over the past six months has shown even more impressive growth than Bitcoin itself — while BTC grew by 300% — from $ 3,100 to $ 13,800, BNB showed all 600%.
Thanks to Binance efforts to promote its internal token, BNB led the liquidity growth chart for the year, demonstrating an increase in capitalization of 380%.
Analysts associated the growth of BNB with improving sentiment among investors who finally believed that the fifteen-month bear market had ended, as well as with regular token sales that attracted the attention of traders and supported the exchange token.
On June 22, a record $ 40 rate was recorded for BNB, after which Binance Coin began to fall and is in a downtrend to this day. Obviously, the token’s problems started when Binance announced that users from the United States would not be allowed to trade on the main trading platform. These changes were an attempt to comply with SEC’s stringent regulatory requirements. On the same day, Binance announced the imminent opening of an exclusive branch specifically for customers from the United States.
The BNB token perked up a bit when the exchange announced that the US version of Binance would launch soon. But the mood deteriorated again, as the media reported that the number of digital assets offered for trading would be rather scarce compared to the main Binance platform.
BNB is not protected from the price action of bitcoin, and it, along with the vast majority of altcoins, was badly damaged after bitcoin reached $ 13,800 and entered a long consolidation period.
Despite all these sad events, BNB can still please traders. The promised Binance US site has been launched on schedule. The platform supports BTC, ETH, XRP, BCH, LTC, BNB and USDT in 13 trading pairs.
On Tuesday, it also became known that Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar Lumens (XLM) and Ox (ZRX) cryptocurrencies will be supported by the US branch of Binance, and the deposit is already open.
Another positive point for BNB is the fact that the native Binance token is used to pay commissions on the Binance futures trading platform. In addition, we should expect that Binance.US will ultimately use BNB to pay commissions and loans.
However, despite the presence of positive fundamental factors, BNB, like other altcoins, remains dependent on how quickly Bitcoin can recover, the 70% dominance index of which leaves no hope for a rapid growth in cryptocurrencies.
Let’s go back to the BNB token and consider its price chart.
The Fibonacci grid is quite reliable in the cryptocurrency market. Now we can see that the price of the BNB token fell into the wake of Bitcoin and passed the Fibonacci level of 0.618 (strong correction levels of 0.5 / 0.618 / 0.786) and it is near the level of 0.786 that I will buy BNB, since I believe that the bulls will not let it go down further. I will start buying in parts near the level of $ 13, then at $ 12 if I’m lucky and the market allows me, because after touching the price at the Fibonacci level of 0.786 (which corresponds to the price of $ 11.88), a sharp rollback to the top will follow, the main thing is to catch the moment.
I’ll close the deal at $ 19, which will allow me to get 50% of the profit.
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