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Binance Coin Price Analysis - BNB Sees Bullish Breakout Against Bitcoin as Buyers Gear Up for a Surge Higher

4y ago
bullish:

1

bearish:

1

Key Highlights:

  • Binance Coin has been pretty static as it moves sideways this past week with a small 1% increase.
  • The cryptocurrency is now trading at the $22.56 level.
  • Against BTC, BNB broke above the upper boundary of a symmetrical triangle pattern today which could suggest that there is some bullish pressure on the way.
Binance Coin price: $22.50
Key BNB resistance levels: $22.70, $23, $23.90, $24, $24.78
Key BNB support levels: $21.77, $20.92, $20.19, $19.78, $19.16

*Price at the time of writing

Binance Coin has been moving sideways this past week as it trades along with the resistance at $22.70. It dipped lower throughout the week but found strong support at a rising trend line which allowed the coin to rebound higher. Despite the static week of trading, Binance Coin is still up by 16% over the past month after it climbed from beneath $18 to reach the $22.7 level.

The cryptocurrency has been relatively quiet in recent memory with not too much groundbreaking news coming through the wire. However, last week, Binance did announce that they have finally enabled BNB staking on its DeFi Staking Product. BNB staking started a week ago, August 20th, and it enabled users to earn up to 25% APR on their BNB holdings. 

There are two potential staking options for BNB holders. The first is a 7-day Staking period on which holders can earn 10.8^ Standard Annualized Interest. The second is a 30-day maturity period on which holders can earn up 25% APR on their holdings.

The BNB that is staked on the Binance Platform will be used to participate in Kava’s CDP. This means that Binance will actively take out loans on the Kava platform in order to pay the interest. What is interesting is the fact that Kava actually did crowdfunding on the Binance Launchpad platform back in October 2019. This shows that Binance continues to support the projects that it believes in.

Although this happened a week ago, it is apparent that this did not excite the market as much as expected when we consider the sideways action this past week. Even KAVA itself fell by a steep 17.5% over the past week.

Regardless of this, Binance Coin still looks relatively healthy with a recent breakout for BNB against BTC. The coin penetrated above a symmetrical triangle which could actually be the kickstart to another bullish run that would push BNB higher.

Binance Coin is now ranked in the 11th position as it holds a $3.24 billion market cap. 

Binance Coin Price Analysis

BNB Daily Chart

What has been going on?

Taking a look at the daily chart above, we can see that BNB has been in a strong uptrend over the past few weeks. The coin bounced from the low at $15 in early July as it went on to increase by a total of 48% to reach the current $22.37 level. 

We can see that BNB had climbed further higher above this last week as it reached the $23.90 level. BNB was unable to continue above this level as it started to move lower over the past week. Luckily, it found support at a rising trend line that has been in play since July 2020. It rebounded from this trend line yesterday as it pushed higher.

Binance Coin price short term prediction: Bullish

Binance Coin still remains bullish in the short term, however, it will need to break the resistance at $23.90 for the bull run to continue. If it breaks beneath the rising trend line, the market would turn neutral. A further drop beneath $18 is likely to turn BNB bearish in the short term.

If the sellers start to push lower, the first level of support lies at $21.77. This is followed by added support at the rising trend line. Beneath the trend line, support is found at $20.92, $20.19 (.382 Fib Retracement), $19.79 (downside 1.414 Fib Extension), and $19.16 (100-day EMA & .5 Fib Retracement).

Where is the resistance towards the upside?

On the other side, the first level of resistance lies at $22.70 (bearish .786 Fib Retracement). This is followed by added resistance at $23.90, $24, and $24.78 (bearish .886 Fib Retracement).

What are the technical indicators showing?

The RSI started to poke its nose above the 50-line today to indicate that the buyers are starting to take control of the market momentum moving forward.

BNB/BTC Chart

What has been going on?

Against Bitcoin, Binance had been trading within a symmetrical triangle pattern since early July 2020. The coin recently managed to penetrate above the upper boundary of this triangle today as it heads into the ₿0.00198 resistance (bearish .5 Fib Retracement). 

This push higher also allowed BNB to break above the 200-day EMA. The breakout is a potential signal that a strong bullish move is imminent for BNB.

BNB/BTC price short term prediction: Neutral

BNB is still neutral until it can break the resistance at ₿0.00206 (bearish .618 Fib Retracement), however, the breakout is still a bullish signal. The coin would have to drop beneath ₿0.00175 to turn bearish.

If the sellers do start to push lower, the first level of support lies directly at the 200-day EMA. Beneath this, added support lies at ₿0.00192 (.382 Fib Retracement), ₿0.00187 (.5 Fib Retracement & 200-day EMA), and ₿0.00182 (.618 Fib Retracement).

Where is the resistance towards the upside?

On the other side, If the bulls break ₿0.00198 and ₿0.002, resistance lies at ₿0.00206 (bearish .618 Fib Retracement), ₿0.0021, ₿0.00214 (1.272 FIb Extension), ₿0.00217 (bearish .786 Fib Retracement), ₿0.00219 (1.414 Fib Extension), and ₿0.00223 (bearish .886 Fib Retracement).

Keep up to date with the latest BNB predictions here.

Previous BNB price analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Binance Coin:

4y ago
bullish:

1

bearish:

1

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