Binance native token (BNB/USD) nears a “Golden Cross”
Binance native token (BNB/USD) price has hit a new level. At $352, BNB is trading at the highest level since May 09, 2022. That comes as numerous developments continue to trickle in for the world’s largest crypto exchange. From a brief technical outlook, the native token is about to initiate a “golden cross,” and the next move could be unstoppable.
As you already know, Binance continues to be dragged into Twitter’s acquisition developments. Binance CEO Changpeng Zhao is, nonetheless, not keeping it under the sheets, going by his latest comments. CZ said, on Wednesday, that he was ready to join Twitter’s board on Elon Musk’s invitation. Twitter hasn’t invited him yet, but with the now cordial relations with Musk, it remains a possibility. That would, of course, strengthen speculations that BNB will be core to Twitter’s payment methods.
Binance also maintains an eye on growth, and investors could look and see a lot of utility in the native token. As part of an expansion spree, CZ says he is open to investing in banks or even full acquisition. According to CZ, collaboration with banks is a good way to attract new users.
The latest insights have seen BNB continue to soar higher. As of press time, BNB had made an intra-day gain of more than 8%. The token has added 20% in the past week. A key breakout confirms a bullish trend.
BNB’s 50-day MA eyes a crossover above the 200-day MA for a “golden cross”
Source – TradingView
On the technical side, BNB initiated a breakout above $330 crucial resistance. The token trades near the next resistance at $360. However, a potential “golden cross” could be a strong bullish trigger to take BNB to above $400.
A “golden cross” occurs when the 50-day MA crosses above the 200-day MA. It earmarks the start of long-lasting bullish trends. Looking at the daily chart, the 50-day MA is closing the gap with the 200-day MA. A golden cross could be confirmed soon that will sound bull alarms and set BNB to a lasting recovery.
Should you buy BNB?
BNB remains attractive after the recent breakout. Investors should buy on a retracement as the token is nearing a resistance zone.
Where to buy BNB
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.