Binance Coin (BNB) is a good long term investment coin in cryptocurrency world. It is having a strong backup in the form of a trading platform Binance, which is attracting many investors and traders due to its all effective and attractive investment options. It offers certain saving as well as stacking offers with very limited and low risks. So most of the investors are giving it a preference in terms of safe investment schemes.
Back in 2017, BNB was below two digit in value, whereas today in 2021 year end, it surpassed even $600. In my viewpoint, it is still a very good investment option and we can observe gains by multiples of 5 to 10 times easily in the near future. We can have a very good opportunity by the Feb, 2022 as the coin along with BTC can make a big correction before continuing the long term bull rally.
Below is the current chart of BNB/BUSD where the coin is currently consolidating between $530 to $630 and short term traders can make some good scalping profits. Long term investors can wait for more correction till maybe 330BUSD price point and then look for the targets of minimum 2 times to maximum 5 times gain and even 10 times gain for longer periods of time.
I have drawn very simple analysis lines with 2 Support and 2 Resistance points. MACD & RSI are in good position for short term limited gains.
Below are my Support and Resistance points.
S1: 527
S2: 445
R1: 630
R2: 653
Legal Disclaimer: I am not a financial advisor and never give advise to take any trade. The purpose of the analysis is for information only and you have to do your own working before taking any trade. I will not be responsible under any circumstances for any kind of loss.
Best of luck.
