While the crypto market has been in the red for the last 48 hours, Binance coin (BNB) is up by close to 3% in the day. This is on the strength of the news that Binance, the world’s largest exchange, is investing $2.5 million in Australian crypto startup TravelbyBit. The investment will help TravelbyBit expand its crypto payment terminals.
So far TravelbyBit has been a huge success especially with its crypto point-of-sale services at the Brisbane International Airport. This expansion will see it gain a stronger footing in the market, and drive up adoption as crypto payments begin to take shape in the market.
For Binance coin (BNB) investors, this is a huge move that will add to the overall growth of this crypto going into the future. That’s because holding Binance coin is pretty much the same as holding a piece of Binance. In essence, now that Binance is holding a stake in a very promising startup, Binance coin (BNB) investors stand to benefit as the intrinsic value of Binance increases, due to this investment.
With such developments, Binance coin (BNB) makes for a viable crypto hold for savvy investors. That’s because unlike most other cryptos that are largely speculative, the value of Binance coin has a real intrinsic value to it. Binance has been profitable all through and has been increasing in profitability every quarter. As a matter of fact, it is now a billion dollar company. This explains why its price has been largely stable all through the year, even as the rest of the market struggles with huge swings in prices. Anyone who bought Binance coin (BNB) last year and held it to date, still has their money intact and is likely to make gains as the profits of the Binance exchange increase over time.
Besides, Binance coin (BNB) also derives its value from the fact that it is a base currency for the Binance exchange. This makes it highly liquid and stable. It is this stability that makes it a good long-term investment since it will continue to draw in institutional money, hence driving up its value over time.
Looking into the next 24 hours, how is Binance coin likely to perform in the market? Binance has been trending upwards all through the day after finding support at $10.09. For an optimist looking to buy, the best intra-day price level to buy into Binance coin is at $10.30, which is the day’s high. This would be a good signal that there are more buyers than sellers in the market to continue pushing up the price. A buy order at this level with an exit price of $10.59 would work quite well since it’s a BNB’s 48 hour high and a high likelihood resistance level. But given that Binance coin is still in a low volumes market, there is the possibility that it can also drop.
If Binance coin (BNB) loses buying momentum and drops below $10.09, it would be a high probability sell, with a target of $9.90 on the 200-day moving average.
Long-term, Binance coin (BNB) is trading on a major support level at $10, one that has held for the last 2 months. With Binance’s high-value investments like the one in TravelbyBit, Binance coin stands a good chance of reversing at this price level.