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BNB has pumped over 19% in the last 48 hours breaking back above the $300 level. The bulls are momentarily back in control and could be pushing the price up to $320 in the next few days.
As investors lose trust in exchanges such as FTX, it only seems natural that the native token of the Binance exchange begins to pump.
A large crypto influencer @AltCryptoGems stated that holding on to BNB for a while could be a very wise decision if playing the long-term game and waiting until the next crypto bull run to cash out.
Will BNB continue to pump and what strong alternatives are currently available in the blockchain markets?
According to Coinmarketcap BNB now trades at $297 with an impressive market capital of $47.5 billion. Overall, BNB has pumped beyond 12% in the last 24 hours and many indicators are suggesting to buy.
When looking at contractions and expansions between market sentiments such as fear and greed it is easy to identify that we are potentially in an accumulation phase.
Looking at the above price chart we can see the price of BNB dropped as low as $184 this year due to the Terra Luna Crash.
This took the price of BNB down to its potential bottom as it became oversold on the weekly time frame for the first time in four years.
Investors who managed to scoop up some BNB and take advantage of the extreme fear would still be up by 63% if held today.
The green rectangle on the price chart above suggests an area of accumulation where there is extreme fear in the market. The price ranges between $180 and $230 which could be a good range for dollar cost averaging.
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