BNB remains at the 4th spot but should be treated third as per its market capitalization and pure blockchain origins. The 3rd spot, for the time being, is held by USDT, which is a stablecoin. Hence people often treat BNB as a real cryptocurrency.
This token has been outperforming its peers, BTC and ETH, as BNB lost less value year-to-year while the other two have lost significantly more. The market capitalization for BNB remains on the positive side of $44 billion. The outlook and market expansion for BNB is higher than the other blockchains since it’s a clear product-centric network.
BNB token price action has been rather volatile despite a larger negative sentiment in cryptocurrencies. Momentarily BNB increased significantly in a single hour before sellers took control of the price action. The support level of $260 has gained strength but was quickly reduced by evening.
BNB decline has been one of the smallest, from the peak value of $361, which helped buyers hoard towards this token at the end of November 8, 2022. Technical indicators have displayed a major downtrend, with MACD remaining in a positive trajectory despite negative indications. On the other hand, RSI is yet to realize its value as buyers quickly hoarding BNB shifted towards profit booking in the middle of the day.
With the decline witnessed on November 10’s price action, we expect a decent rejection at the 100 EMA curve. The sellers bent on turning the 100 EMA curve into a rejection level is a clear indication of more downtrend action in the coming days.
On weekly price action, BNB has only consumed the last two week’s positive price action while the remainder of its slow uptrend is still in the defensive position. The support of $259 will play a pivotal role in maintaining its uptrend. The 100 EMA curve, for now, remains in the $300 range. Another round of support for BNB lies in the $200 range, which could incite buyers towards BNB out of its sheer outperformance compared to the other leading cryptocurrencies.
