Binance Coin (Symbol: BNBUSD) It is the only top cryptocurrency that brought profits to its investors in the first half of September.
The seventh largest crypto by market cap was up nearly 17 percent, trading at $ 29.07 as of 1023 GMT on Tuesday. At the same time, other leading cryptocurrencies including Bitcoin, Ethereum, and XRP were traded at 10-20 percent below zero.
Binance Coin was trading at $ 34.05, up almost 47.04 percent, at its highest level in the month. The cryptocurrency's surprising upward move came amid growing demand for Binance Chain. The blockchain software system has deployed more users as its biggest competitor, Ethereum, suffers from sluggish transaction times, high fees, and high transaction failures.
Binance Coin serves as the de facto consensus token in the Binance ecosystem, which encompasses the regulated trading platform, decentralized exchange, crowdfunding platform, and local blockchain. As the ecosystem attracts more users, it enables more requests for BNB tokens.
One observer said, "It's real except it's not with BTC and ETH." commented. "With ETH and BNB. No failed transactions, transactions are confirmed in seconds, basically no fees, BNB just provides a far superior trading experience."
No failed trades, transactions are confirmed in seconds, basically no fees, BSC just provides a far superior trading experience.
There's a reason it looks like this on the weekly IMO. pic.twitter.com/d2JQKVAow4
– Chase_NL (@Chase_NL) 13 September 2020
Binance Coin has a long history of stable bullish trends with minor, hiccup-like negative corrections. The cryptocurrency supports Binance, one of the world's leading cryptocurrency companies that leaves no doubt about its growth as a service token.
This places Binance Coin in the category of assets worth investing. Meanwhile, given the regulatory and other speculative risks associated with cryptocurrency firms, Binance Coin also comes with risks of displaying abnormal price behavior.
Binance Coin Technical View
Technically, BNBUSD stands for 2020 at least, like the best cryptocurrencies.
A series of dovish policies announced by central banks around the world allowed investors to look beyond cash and government bonds for better returns. While Bitcoin remains the best option for those looking to invest in cryptocurrencies, altcoins like BNB serve as an alternative to those with a higher risk appetite.
This is why Binance Coin performs better in terms of Bitcoin YTD. BNBUSD hovered above 113 percent profit at the time of this writing, while BTCUSD dwarfed 48 percent.
BNB/USD eyes an extended move towards $40. Source: TradingView.com
As global policies remain intact, BNBUSD is expecting a long upward move. The pair is currently testing $ 32 as its temporary resistance because it forms a strong base around $ 26.91. If it manages to hold above the support level, traders may try to push the price up to $ 38.95.
The target is very close to $ 40, which is a psychological level of interest. Meanwhile, falling below $ 26.91 could cause traders to shorten BNBUSD with a break down target around $ 23.