Crypto Tony, a popular investor in the cryptocurrency sector, recently highlighted the long-term potential of Binance token (BNB). According to the investor, there is significant demand for BNB in the market, and it is waiting for the right opportunity to rise.
Famous Investor Shares Thoughts
Crypto Tony stated earlier today that BNB has managed to maintain significant demand due to its popularity. The value of the token experienced a slight drop yesterday following concerns about a potential scam case against Binance. BNB lost more than 2% of its value after this news.
According to Crypto Tony, there is a wealth of data indicating the potential of BNB in the token’s trading pairs. The investor mentioned waiting for the right opportunity to buy BNB in the coming months. Despite the negative news flow in the cryptocurrency markets, one of the main reasons to invest in the token is its stability.
A brief technical analysis conducted by Crypto Tony revealed that BNB has been following a changing pattern for over a month and is currently poised for an upward movement. Based on the 4-hour chart, $225 can be seen as a support level for this token. To experience a strong upward movement, BNB needs to surpass the resistance level of $264.
BNB Price Prediction
Data from Coinglass indicates that investors share a bullish outlook for BNB in the short term. Long positions outweigh short positions on leading centralized cryptocurrency exchanges. The total open position ratio for BNB perpetual futures increased by 0.10%, with over $600,000 in liquidity provided in the past 24 hours.
At the time of writing, BNB was trading at around $240, representing a 2% decrease in the past 24 hours. The token had a market capitalization of over $37 billion and a daily trading volume of $563 million.
