The price of Binance coin (BNB) has fallen to $266.46 today, representing a 2.5% drop in 24 hours. However, its current level marks a slight rise of 1% for the last seven days, with the exchange utility token having been affected by the ongoing FTX collapse.
These movements come amid Nansen’s latest quarterly report on BNB, which found that BNB Chain remained the busiest layer-one platform in terms of the total number of transactions in Q3 2022. This highlights the potential BNB has to rally following a return to more positive and bullish market conditions, with the size of BNB Chain and of Binance itself giving it strong grounds to return to growth sooner or later.
Binance Coin Price Prediction as BNB Turns Green for the Week – Time to Buy?
Despite returning to the green in terms of its seven-day action, BNB is down by 17% in the last 14 days and by 4% in the last 30. Its technical indicators reflect this insofar as they reveal an ongoing dip in momentum.
BNB’s relative strength index (purple) has dropped to 40 and is still pointing downwards, suggesting potential further losses. Similarly, its 30-day moving average (red) appears to be at a crest in relation to its 200-day average (blue) and may begin falling downwards soon.
In other words, a purely technical analysis would suggest that BNB has a little further to drop before it begins a more decisive recovery. This would also be supported by a more fundamental analysis of wider market conditions, with the FTX bankruptcy drama continuing to weigh down prices.
It’s likely that FTX’s collapse will continue dragging down the market for at least several weeks yet. Yesterday, for example, Genesis announced that its lending arm would be suspending withdrawals, raising fears of wider contagion within the ecosystem.
Indeed, a variety of exchanges and platforms have faced a run on withdrawals in the wake of FTX’s demise, creating a distinct possibility of additional collapses. While it’s unlikely that this would directly impact Binance, it would nonetheless dampen investor confidence further and result in additional falls for BNB.
Still, the bigger picture indicates that BNB will return to growth once the dust has settled and the cryptocurrency market regains some positivity. As mentioned above, Nansen’s latest quarterly report found that BNB Chain expanded noticeably in the previous quarter, with numerous projects launching on its platform, including Wombat Exchange, Stader, and Helio Protocol.
On top of this, BNB Chain averaged around 2.5 million to 5 million transactions every day in the previous quarter, compared to 1 million to 1.8 million for Ethereum. This illustrates how the size and value of the platform, which is only likely to continue growing in the future.
As such, even if BNB is due to fall a little more in the near future, the long-term picture suggests steady growth, with its all-time high of $686.31 (from May 2021) more than reachable once the global economy has escaped its current downturn.
The thing is, investors may be waiting some time for the global economy to mount a significant and sustainable recovery, meaning that we may not see new ATHs for BNB until well into 2023 (or later). However, one source of above-average gains this year has been newer altcoins, particularly those holding presales and then listing.
Such coins have posted impressive gains upon listing this year, and while not every new coin is guaranteed success, the following selection highlights new projects with some promising fundamentals. All three of these coins are due to close their respective sales by the end of the year (or in Q1 2023), at which point all will enjoy exchange listings.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that will launch in Q1 2023, providing investors with real-time market data and social indicators in order to help them make more informed decisions.
Visit Dash 2 Trade Now
Also running on Ethereum, RobotEra (TARO) is developing a Sandbox-like Metaverse in which gamers play as robots and participate in the creation of its virtual world. Its alpha version is due by the end of Q1 2023, at which point it will enable players to create land, buildings, and other in-game items, all represented (and tradable) as NFTs.
Investors can participate in the sale of its TARO token by heading over to its website and buying with either USDT or ETH, with 1 TARO currently going for 0.020 USDT. This price will increase to $0.025 in the second stage of its presale.
Visit RobotEra Now
Calvaria (RIA) is a play-to-earn video game in which players can collect, battle with and trade NFT-based cards. Under development for around a year, its alpha is due early next year. Interestingly, it will enable gamers to play it without having to hold any crypto, something which could make it more accessible to a wider pool of users.
In addition, its native token RIA can be used to purchase in-game items and for staking, giving it a strong use case within its ecosystem. The presale for the token has raised just over $1.7 million and is currently in its fourth stage, during which 40 RIA can be had for 1 USDT.
Visit Calvaria Now