Price Analysis

Binance Coin Kick-starts the Month on a Medium Bullish Note

  • BNB continues its uptrend; reaches above $20 
  • Price range near $19 acts as a support, starts bullish trendline from there
  • The coin records an increase of more than 4% over a week; shows positive signs

As the overall crypto market has initiated to up its game, Binance Coin has also matched its pace with the growing market. While BNB coin has climbed above $20 with stability, Bitcoin is marching towards $9400 price mark again after today’s pullback. 

Binance Coin Price Prediction

The BNB coin started the month with its price at $19.90. The coin started a mild surge reaching above $20 which later saw a rapid pullback to $19.94. Seeing a support level there, the coin escalated from there and reclaimed the price range above $20. Since then, BNB coin has kept the price level of $20 intact and at 10:25:51 UTC, the Binance coin is trading at $20.69. 

Binance Coin Price
BNB Chart By TradingView

Its been a while since the coin was above $20, as BNB coin price was trading between $22 – $23 in September and has not crossed the same range since then. The coin seems to be facing hurdles at the moment. However, the technical indicators look bullish enough. 

Technical Indicators:

The short term SMA line quite above the long term SMA line. MACD chart is also in the bullish zone and RSI just above 50, indicating stability. It is to be noted that amid market volatility, the BNB coin is trading with a bullish sentiment under the ‘buy’ phase.

Binance coin is likely to meet resistance at $20.94, $21.17 and $21.41, while its support levels are at $20.47, $20.23 and $20.00. 

Tags

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
Back to top button
Close