The Project Token👇
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binance coin
Introducing Binance Coin
Binance is one of the biggest exchange platform in the world and it rated this high is not really surprising as the volumes traded per day is at a staggering figure and the binance coin is the exchange native token which was launched in July 2017 and since then have gone on to become of the top cryptocurrency currently ranked in #4 spot in coinmarketcap a feat which could not be possible had it not been a good coin and also due to the fact of the nice team behind it.
Binance is already recognised as a top exchange in cryptocurrency exchange but there goal is to become the leading service provider for the entire blockchain little wonder then they are native to kin binance coin is getting lot of traction from investors little wonder the surge in price as good project attracts investors, this token has an implemented bep-95 which has helped make it to become more deflationary more than it already is and they also has a lower gas fees, at first the token was on the ethereum blockchain which is to say in the beginning it was simply an ERC-20 token built on the ethereum network but soon the had their own blockchain, bnb smart chain blockchain and has become a home to many smart contract project and so many tokens are being built on the binance blockchain.
They are hosts of exchange we are can possibly trade or buy binance coin from like Ftx,Bybit,bitget, mandela exchange,kucoin, Huobi, pholoniex, bithumb and ofcourse binance exchange
Well when it comes to the creators Changpeng Zhao is actually the binance founder and he is also it's CEO he has been an ever present figure in blockchain technology even before founding binance in 2015 for examples he founded bijie tech and two years later he launched binance since 2013 his contribution to blockchain technology has not gone unnoticed and at a point he even became the head of blockchain development but the he did not found binance alone it was cofounded by He Yi who is also binance chief marketing officer and she also was the co-founder of Okcoin in 2014 so in 2017 together with Changpeng Zhao binance was launched.
Why Am I Optimistic About BNB Coin Today, And How Long Do I Think It Will Rise
Well no doubt this is a very nice coin and project really and has a good and solid team behind it who are constantly working both behind the scene and otherwise to ensure the continuous growth of this token so it isn't really surprising to see it grow well the coin is a nice coin no doubt and the market seems to be in very nice condition as of when am composing this post and as of when i made my analysis binance coin seems to be breaking out of a major resistance so for that reason i do visualise a lot of upsides for it though some of my targets has already been smashed as i waited for it before making my post but won't rule out the chance of it hitting atleast the $430-450 mark if the market continues going higher amidst favourable conditions
My Technical Analysis On BNB Chart
This was an analysis carried out on the chart of BnB on the 1 hour time frame from the charts as the pics above as of the time this analysis was made the price of BNB was approaching a major resistance at $392 and I was closely watching to see what was going to happen and when I got confirmation that indeed the price point was breaking out of that resistance that was the very moment I put in my trade on binance exchange on futures precisely, the position was opened with around $27.6 at $394.540 which was the point of break out and then from my lines drawn on the chart I recognise that the $407 area was another major resistance level so I choose that as a take profit area while my stop loss or stop-limit order was slightly below the resistance line at $391 making my risk reward ratio 1:4 so my order was filled
screenshot from binance
The above image from binance trade history shows proof of my by position on fixtures or usdt perpetual as the case may be and rightly below repeat the progress off my trade as it was approaching take profit area at $407.2 precisely
screenshot from binance
And the image below shows my trade hitting the take profit area and I made a total profit of $0.8869 yes because this was not really a huge position
Whether I Plan to hold it for a long time or when to sell? (Here you should justify every point briefly.)
Well sadly I am really not holding on to this one for long as you can see my take profit was clearly hit so I was taken out of the market but ordinarily this is a nice project to hold onto yes hence the market is moving in the right direction this is one of the top coins that will perform well as it has shown time and time again but for now I am trading on futures as much as I would love to hold on to the coin for long I can't really do so based on the market instability recently I prefer to trade on futures rather than to hold onto any coin at the immediate short-term until the part of the market is clear
Well why for the short-term i may be really sceptical about buying a coin and holding on to it based on the recent indecisiveness on the market but if you're talking about the long-term one of the best coin to hold onto for the long term that is for those who have a long-term mindset those who are in cryptocurrency to stay those who recognise that cryptocurrency is the future of money and will soon take over the traditional financial system then surely binance coin is one of the top coin that anyone could ever invest in
Binance coin is one of the best project in blockchain technology as a whole, so in effect why I am not telling anyone what to do if I were to be a financial advisor then binance coin will be one of my recommendation to people especially in the long term because I believe that it is a nice Project with very good fundamentals and the backing of a strong team who are constantly working to improve on their Project so no doubt overtime it will continue to blossom.
Conclusion
It's always a pleasure to write about crypto related stuff that is why I'm so grateful for this academy for the wonderful opportunity an initiative to learn about cryptocurrency and also use our knowledge to trade indeed the lessons we are getting from here is most invaluable and cannot be overly emphasized really love and appreciate this opportunity I will continue to do my best and to learn more to be both a better writer and a better trader as we continue to contribute to the growth of the steemit decentralized blockchain as one united community
My homework repost prof @abdu.navi03
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