BNB’s utility is to pay discounted fees on the Binance platform while powering the Binance Chain and Binance Smart Chain.
Binance Coin was created in July 2017 with an initial coin offering (ICO). BNB tokens were sent among various participants, including angel investors and the Binance founding team, as part of the ICO. Binance spends 20% of its revenues each quarter to purchase back and burn BNB, totally eliminating them, as stated in the whitepaper. The process ensures that Binance Coin’s supply remains limited, making it rare and precious. Let us review BNB Price.
BNB Price Prediction
Bullish Scenario: If BNB manages to break above the resistance level at $393.10 then it would be slightly bullish. If it gains momentum and buying pressure builds up then we might test the resistance level at $489.2 and $564.6. Breaking above $564.6 price level with significant buying volume will lead to a good chance of making a new ATH and crossing above $676.2.
Bearish Scenario: BNB has been in a downtrend since the last few weeks while failing to make a new ATH. The trendline broke down with a bearish retest at $445 so If it further breaks below $320 support level then it will hit $281 and below sooner or later.
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