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Will Binance Coin Surpass $500 in January?

 


Binance Coin (BNB/USD) is trading over 10% higher this week. This could be the start of a new rally before BNB breaks out of the parallel channel it was trading under. BNB is used as a utility token for the Binance exchange, allowing users to pay for transactions and trading fees at a lower rate than would be the case with other tokens. Binance uses the process of token "burning", which means they use the profit from token sales to buy back more BNB and then destroy them. Investors are looking forward to another strong year from BNB after it surged over 1300% in 2021.


BNB was trading 1% lower on Thursday, but it looks like it could be a minor setback before BNB resumes its rally. BNB is up over 10% this week and this could be just the beginning of the recovery. The price is now approaching a strong resistance and a breakout of this resistance could show that BNB is likely to make fresh highs soon. BNB was oversold earlier this week which could be the reason for the reversal. So should you buy BNB before the rally continues?



BNB is trading in a down channel, however a breakout could be seen soon. Investors need to be patient and wait for the BNB to clear the USD 500 resistance.


BNB experienced a sharp sell-off earlier this week that caused the price to be oversold, which in turn attracted buyers, resulting in a sharp reversal.


If BNB manages to break out of the channel, investors can expect a target of USD 600 followed by USD 664.


Investors should only buy BNB above the USD 500 resistance as BNB could fall further below it if it fails to surpass USD 500.

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