For this task, I decided to trade in the BNB token which happens to be one of the good cryptocurrencies on the market. The BINANCE exchange has its main or native coin to be the BNB token. As I said earlier the BNB is always regarded as a good cryptocurrency on the market. So here the BINANCE exchange was specially created as a great exchange for performing numerous crypto workout which is helping its users, Examples of this crypto workout operated on the BINANCE exchange includes swapping of the coin, Staking of a different cryptocurrency, Buying and selling of cryptocurrency, etc, All these workout helps users a lot. When the BINANCE exchange was first launched on the market it was been launched in the process of Ethereum network system, Which was an ERC-20 coin, But as time goes the BINANCE exchange successfully moved to its native or main exchange which is Binance smart chain network.
As we all know each cryptocurrency is good use on the market, For the BNB it is used in numerous operations on the exchange, The BNB is specially created in a way that all the BNB token holders are having a good chance of partaking in all initial exchange offering to help it holders to be buying coins and also gain rewards, It can also be used for paying all transaction charges, The BNB is specially created in a way that all the BNB token holders are having a good chance of protecting 25% of all their margin and spot trading charges, The BNB is created for unable withdrawal balance to be changed to BNB for all transactions charges and has a small transaction charges. This makes the BNB unique from all the cryptocurrencies we have on the market. In the year 2017, the BINANCE exchange and its native token (BNB) was successfully launched on the market, By some great men called He Yi and Changpeng Zhao. So this tells us almost five years now, After the launch and it playing a vital role on the market and a lot of users is enjoying from this. Unlike other cryptocurrency developers like Bitcoin, its founder's identity is unknown till date, But for the founders or developers of the BNB token and the BINANCE exchange their identity is known by a lot of people due to their great impact and the effort of making BNB to be used as payment for other cryptocurrencies transactions charges, Now from my coinmarketcap I will be showing all detail of this token.
| PRICE | $412.09 |
|---|---|
| RANK | #4 |
| VOULME 24 HRS | $1,761,964,799 |
| MARKET CAP | $67,746,871,103 |
| CIRCULATING SUPPLY | 165,116,760.89 BNB 100% |
| VOLUME / MARKET CAP | 0.02574 |
Today am very optimistic about the BNB token due to some reasons, Everyone and his or her perception of this token. I’m very optimistic about this token because when you check it rank on the coinmarketcap as the time I performed this task it was ranked #4, Among all the numerous cryptocurrencies we have on the market, This should tell the BNB token is doing well on the market, It was also having a price of $412.09.
Today I’m very optimistic about the BNB token because looking at its price on the market it has increased in price in the last few years, The BNB has been able to get vast attention from users, It is having a very vast market cap from the coinmarketcap stats.
Today am very optimistic about the BNB token because when you check the coinmarketcap it having a marketcap of $67,746,871,103, total supply of 165,116.761, 24h volume of 2.04% $1,761,964,799 and circulating supply of 165,116,760.89 BB 100%.
- Today am very optimistic about the BNB token because when you look at the transaction fees of the BNB is very less and can be used for paying transaction charges in the BINANCE exchange and other exchanges. BNB can also be paired or traded with other cryptocurrency to reduce the transaction charges.
We all can testify with me that in the world of cryptocurrency the prices are not stable it can change anytime on the market due to its volatility. So anytime a trade wants to make an entry position it is always recommended that they make the best examination of their chart before they make any entry to avoid loss. As we all know users can anytime utilize the fundamental analysis, Technical analysis, and sedimentary analysis on their chart to make the best analysis for themselves, Together with other indicators, In this lesson I will be making use of some indicators such as Moving Average, Parabolic SAR, and Relative Strength Index to help me get the best entry for my trade to bag some profits. Now let's utilize all the three indicators I just mentioned on my chart.
When you take a good look at the chart I upload above you can see that all my indicators had been successfully shown on my chart. For this task I decided to go for a 5 minute timeframe, That is where i put all the three indicators when you look at my chart. My analysis was able to help me find the next trend on the chart market to be a bullish trend, From this analysis I decided to make a buy entry. So anytime it reaches my take profit I sells it to make some profits. My next writing I will be listing some criteria which your analysis must meet before you take the chance to make a buy trade.
Make sure your MA is moving below the price action on your chart, This signify bullish direction.
Make sure your parabolic sar dot is moving below the price action on your chart, This signify bullish direction.
The RSI made an oversold and then started moving upwards, This signify bullish direction.
So buying of my BNB, I decided to buy the BNB at the actual price on the market at a price of $411.80474967, Here is a screenshot below.
For my sell order I decided to to buy my technical analysis, That is where I utilized my take profit $412.30000000 and stop loss $408.70000000 which was marked on my chart.
| BUY | $411.80474967 |
|---|---|
| SELL | $412.30000000 |
| PROFIT | $0.49525033 |
| LOSS | 00 |
From the analysis I just made, I am not holding the BNB token for a long time, I made a short time trade on my chart by setting my take profit and stop loss. So anytime my trade hits my take profit my trade will be executed and I can make some little profit. With the BNB it is also a good token that traders can trade for a long-term trade to make profits. The BNB is doing well at price and has been able to gain vast attention on the market, When you check the rank of the BNB it is a good taken which traders can go in for a long or short term make a profit, But for this task am not holding for long, Anytime it reaches my take profit or stop loss my trade will be executed.
I will recommend the BNB token for everyone to buy, Because it is a good token, And doing well on the market. It also has a current price of $412.04 as the time I performed this task and has been ranked #4 and it also has vast attention from users on the market. So with this, it tells that the BNB token has a good future. The highest rise in the price of BNB was $677.12 (which happens to be BNB's all-time high on the market, I still believe it can go higher than that, So traders can take advantage now, the BNB is good for both long and short term trade to make a profit. So I recommend this token for everyone.