Despite recent worries about the cryptocurrency exchange, analysis has pointed to BNB as a top investment choice in 2023. Could the Binance native token indeed reign supreme in the year to come? Moreover, the question of how it will bounce back from the past year remains to be answered.
The FTX collapse reaped massive consequences on the entire cryptocurrency industry. Not only did the platform horribly affect millions of customers, but it affected how potential customers viewed other cryptocurrency exchange platforms. Whether or not Binance could negate those perceptions remains to be seen.
Binance Native Token Could be 2023 Bright Spot
Data presented by cryptocurrency expert, TradingShot, this month has pointed to what could be the surprising strength of the Binance native token. The TradingView Technical analysis pointed to BNB as a potential top investment choice for 2023.
The data shows that the evident pullback taking place since its high at the end of November is coming to an end. Furthermore, the analysis states that the one-day relative strength index has “breached below the 300.00 oversold barriers and is rebounding.”
Thereafter, the data analysis noted that there is present historical evidence that points to ‘buy’ in the mid-term. “This is identical in price action to the June low formation which resulted in a bottom that kick-started a rise to the previous Lower High (now resistance).” The report added, “In any case, every time the 1D RSI drops below 300.00 and then rebounds, it is a strong buy signal in the medium-term.”
Conclusively, the analysis noted its belief that BNB’s position as a long-term buy is approaching. Additionally stating that “the upcoming 320.00 resistance (Nov 27 High) test will break the 1W MA50 again.”
“If the fractal continues to be repeated, then the next curve pattern will peak significantly above the 1W MA50,” it stated. Adding, “Thus turning the Binance coin into long-term bullish territory. Perhaps the best time to buy BNB is now, we believe it will be one of the best investments of 2023.”
Conversely, it is impossible to overlook the past month for Binance. Concerns over the platform’s transparency efforts and potential investigations have continued an abysmal three-month stretch for BNB. CoinMarketCap still reads BNB as the fifth-largest cryptocurrency, so only time will tell if the data wins out.