Binance Coin Price Retreats: Time To Buy BNB Cheap?

• The Binance Coin continues to retreat slowly but surely
• All BNB gains since Aug 23 high of $503 lost although a possible resurgence on the horizon
• Ambitious NFT project with St Petersburg Hermitage Art Museum in Russia should put BNB on the art world map and boost price long term

The Binance Coin price has continued on its slow decline since August 23 when it reached a bi monthly high of $503. It has dropped 10% since and is currently trading at just over the $450 level with possible further drops ahead before a bounce back.

Although there has been considerable FUD on Binance over the last few weeks, the price has risen considerably since the July 20 swing low of $265. The Binance Coin price increased by almost 100% from that July 20 low to August 23 when it reached just over the $500 level. The recent pullback could also be an accumulation phase for BNB as it prepares for its next move upwards.

If you haven’t yet bought some Binance Coin, then you should take a look at this How To Buy Cryptocurrency Beginner’s Guide.

Short Term Forecast For Binance Coin Price: Consolidation Period Before The Next Rise?

As already indicated, the Binance Coin Price seems to be in a period of consolidation as it retreats from its August 23 high of $503. The 10% decline over a week may seem to be rather muted although it also seems that there is considerably strong support at the $450 level.

If a bullish thesis were to come into play, the Binance Coin price should make a beeline for the $475-$480 levels where it may encounter some resistance. If this is overcome then BNB could easily revisit the $500 level although at this point there does not seem to be buying strength for such a move.

If a bearish thesis were to come into play, the Binance Coin price would probably drop below the $450 level quite fast and tag the next support level at the $430 mark. A sell off could precipitate further falls but that looks unlikely at the moment.

If you haven’t yet started trading cryptocurrency, then you should take a look at these Best Cryptocurrency Brokers.

Long Term Prediction For BNB: Of NFTS And Art Sales; Bullish Potential Remains On The Cards

It seems that all the FUD regarding Binance seems to have dissipated with CZ’s recent tweet stating that the exchange had complied with regulations in the UK. Binance is also delving into the art world world with an NFT partnership with the St Petersburg Hermitage Museum in Russia. This should surely increase the long-term potential of the Binance Coin price.

Binance announced the ‘Binance NFT Marketplace on August 30. This plans to feature non-fungible token collectibles from the world’ most faous artists. The Binance NFT Marketplace has teamed up with the ‘largest art museum on the planet’, or the St Petersburg based State Hermitage Museum which was started way back in 1764 by Empress Catherine the Great. Surely this should be a considerable long-term boost for the Binance Coin price.

Where to Buy Binance Coin

If you want to purchase Binance, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy BNB is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.

Looking to buy or trade Binance Coin now? Invest at eToro!

Capital at risk