Binance Coin could be the best investment of 2023, time to buy BNB?

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BNB has been affected by the fallout from the collapse of FTX, previously one of the biggest cryptocurrency exchanges in the world, just like the rest of the market, but things may be turning around.

I played WAM, which is built on Binance, and possibly a few more games, so Binance Smart Chain is the closest link I have to Binance in the past. However, it would be a lie if I said that this news didn’t catch my attention.

Binance Coin may be among the top cryptocurrency investments, according to some metrics I came across a few days ago, and here’s why:

the strong pull-back that the token has been demonstrating since the high of November 27 (earlier the lower high of the FTX crash on November 8) looks to be over as the one-day relative strength index has “breached below the 300.00 oversold barriers and is rebounding.”

As the analysts further clarified, there is an evident historical pattern that strongly signals ‘buy’ in the medium 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)…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.”

The analysts believe that the time could be coming when BNB turns into a long-term buy “as the upcoming 320.00 Resistance (Nove 27 High) test will break the 1W MA50 again.

With a market capitalization of $39.87 billion, BNB remains the fifth-largest cryptocurrency.

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