The crypto markets have been in free fall over the past 24 hours following the revelation that FTX may be suffering from liquidity issues. In what has culminated in a possible acquisition of FTX Exchange by Binance, market participants still seem spooked by recent events as the deal is not yet set in stone. At the time of writing, BNB is trading at $300, down 7% over the past day. Notably, however, the coin is performing much better than most other coins in the market, which are down double-digit percentage points in 24 hours. Can BNB become the largest coin? Read on to find out more. BNB’s technicals are so far holding relatively well compared to the rest of the market. BNB is trading at $300, down 7% on the day, with 24-hour trading volume exceeding $6.5 billion. This figure is higher than usual but somewhat unsurprising given the recent events that have transpired. With the potential for Binance to acquire one of its closest competitors, market participants seem excited about the future prospects of the BNB coin. When the news was first announced that Binance was looking into acquiring FTX, BNB spiked up considerably to just under $400. However, the price then started declining in line with the wider crypto markets as it became apparent that a deal was not yet set in stone. BNB is now trading just above its 36, 50 and 200-day Moving Averages (yellow, orange and green), which have so far provided solid support. BNB is also now consolidating at a level that has previously held well and led to significant rallies in the past. If more positive news comes out regarding the FTX drama, then BNB has a real chance of continuing its steady rise from the June lows. The Relative Strength Index (blue) is now sitting in the neutral zone, also indicating the market’s wait-and-see mood. There is likely significant amounts of liquidity waiting for BNB at the $250 level which is a round, psychological level. BNB may need to revisit these levels before it can continue its rise to new highs. If the exchange is able to play its cards right, it has a real chance of becoming the top crypto coin in the world, sometime in the future. BNB is a well established coin with a huge market cap, meaning it will take a long time for it to provide substantial returns for its investors. One of the more promising sources of good returns (even during the bear market) are new coins holding their presales. For example, Tamadoge (TAMA) rose by as much as 1,800% (compared to its presale price) in October, following a high-profile listing on major exchange OKX. This offers an indication of what the most promising new altcoins can do when they are first listed. Here’s a selection of new altcoins with strong fundamentals that are holding their respective token sales right now. Dash 2 Trade is an Ethereum-based trading intelligence platform that provides investors with real-time signals and analytics data, helping them to make more informed decisions.
All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/binance-coin-price-prediction-can-bnb-coin-become-biggest-crypto.htm
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