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Binance Coin Price Analysis - BNB Potential Breakout Incoming as Triangle Apex Approaches

3y ago
bullish:

2

bearish:

0

Key highlights:

  • Binance Coin is down by a total of 36% over the past month but might be primed for a breakout
  • The cryptocurrency is now trading at the apex of a consolidation pattern, and a breakout could be expected any day
  • Against Bitcoin, BNB has found support at the .5 Fib around ₿0.0090 and has started to rebound
Binance Coin price $360.2
Key BNB resistance levels $370, $387, $400, $442, $450, $480
Key BNB support levels $342, $320, $300, $292, $280, $250

*Price at the time of publication


Binance Coin is down by a total of 36% over the past month but is primed for a breakout as it approaches the apex of a symmetrical triangle consolidation pattern. The cryptocurrency has been trading inside this symmetrical triangle over the past three weeks of trading and has established strong support at $342 (.382 Fib Retracement level).

The breakout direction of this pattern would dictate the next direction for the market moving forward.

The news has been pretty light for BNB over the last few weeks. There was a recent uptick in daily active addresses for BNB. Although it is very small, this could be a signal that there might be an influx of daily users again if BNB starts to break toward the upside of the current triangle.

Additionally, the MVRV ratio metric from Santiment shows that the 30-day ratio is now positive, indicating that all purchases in the last 30-days are now seeing a profit.

Binance Coin is now ranked in the 4th position as it currently holds a $55.11 billion market cap value.

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Binance Coin price analysis

What has been going on?

Taking a look at the daily chart above, we can clearly see the symmetrical triangle pattern that BNB has been trading within over the past few weeks. The coin also recently established solid support at $342.34, which is provided by a .382 Fibonacci Retracement level.

At the start of the week, BNB bounced higher from the .382 Fib Retracement support but was unable to overcome the upper angle of the triangle, which was also bolstered by the 20-day MA.

The breakout direction of this triangle is likely to determine if BNB will turn bullish or bearish next.

Binance Coin price short-term prediction: Neutral

As BNB is trading inside a symmetrical triangle pattern, the market is to be considered neutral right now. To turn bullish, the cryptocurrency would have to break the upper boundary of the triangle and break the June highs around $435. On the other side, a break beneath $300 (200-day MA) is likely to turn BNB bearish in the short term.

If the sellers push lower, the first level of support lies at $342 (.382 Fib Retracement & lower boundary of the triangle). This is followed by support at $317.50 (.5 Fib Retracement), $300 (200-day MA), $292.55 (.618 Fib Retracement), and $280.

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at the upper angle of the triangle. This is followed by resistance at $387 (bearish .382 Fib Retracement & 100-day MA), $400 (50-day MA), $442 (bearish .5 Fib Retracement), $480, and $496 (bearish .618 Fib Retracement).

Above $500, resistance lies at $550, $573 (bearish .786 Fib Retracement), and $600.

BNB/BTC price analysis

What has been going on?

Against Bitcoin, BNB had pushed higher at the beginning of June to hit resistance at around ₿0.011 (bearish .786 Fib Retracement). Unfortunately, it was unable to break this resistance and rolled over from there. 

Last week BNB fell beneath the 50-day MA and continued to fall throughout the week until support was found at ₿0.009015 (.5 Fib Retracement level) this week. The market has sustained this support throughout this week and is attempting to push higher again as it trades around ₿0.00916.

BNB/BTC price short term prediction: Neutral

The drop beneath the 50-day MA has turned BNB neutral again. The coin would need to rise above the June resistance at ₿0.011 (bearish .786 Fib Retracement) to turn bullish in the short term. On the other side, it would have to fall beneath support at ₿0.00743 (.618 Fib Retracement) to bearish.

If the sellers push lower, the first support lies at ₿0.009 (.5 Fib Retracement). This is followed by ₿0.00848 (.618 Fib Retracement), ₿0.00824 (downside 1.272 Fib Extension), ₿0.00791 (downside 1.414 Fib Extension), and ₿0.00743 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at ₿0.0095 (bearish .5 Fib Retracement). This is followed by resistance at ₿0.01, ₿0.0101 (bearish .618 Fib Retracement), ₿0.0105, and ₿0.011 (bearish .786 Fib Retracement & June highs).

Beyond the June highs, resistance lies at ₿0.0115, ₿0.012, and ₿0.0121 (1.272 Fib Extension).

Keep up to date with the latest BNB predictions here.

3y ago
bullish:

2

bearish:

0

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