Attention: Here’s What You Need to Know Before Investing in Binance Coin (BNB)!

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Looking at the price movements of Binance Coin (BNB), it seems that the stock market coin is moving more calmly than the rest of the market. But at this point, analysts draw attention to one situation: since July 22, BNB has been in a steady recovery trend.

BNB Initial Target: $400

According to analysts’ statements Binance Coin, After falling to $212 on May 23, it remained horizontal for a while and started to recover as of July. It is stated that the first target of the BNB, which is considered to have been rising steadily since July 22, is $ 400 from this point on.

At the time the article was being prepared for publication, it was trading at $ 340 BNBon the hourly chart of , it is stated that volatility is high, but on the one-day chart, the price moves relatively horizontally. In addition Binance Coin price it has increased by about 3% in the last week.

On the other hand, according to the statements made, the fact that there has been no major increase in transaction volumes is considered an indicator of low network activity despite the increase charts, and in this case, it is stated that the price may remain horizontal for some time.

Important Levels of Binance Coin

According to the charts and comments, the main support for Binance Coin at the moment is at $ 310, and the main resistance is at $ 365. If there is a break above the 365 dollar, it is stated that the price may move towards the 400 dollar.

However, breaking the $310 support may cause the Binance Coin price to retreat to $280. Therefore, it is very important for analysts to follow the 310 dollar and 365 dollar levels.

In addition to these october Binanca Coin burningit should be noted that the BNB is moving towards becoming a deflationary currency, and therefore the price also has the potential to increase, especially in the long term. In addition, the data obtained show that social volumes for Binance coin have been increasing since the end of July.

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