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Binance, which offers the largest trading volume of all cryptocurrency exchanges in the world, is back on the move. The team has just announced their new partnership with a new exchange called HitBTC that has recently made waves in the industry for taking a unique approach to their listing policy.
Binance Coin’s (also called BNB) price has been trading inside a triangle for the last two days and is currently making a push towards $375.00, after a strong bounce from the support trend line. The recent upside move is likely to be corrective in nature and could be seen as a sign of over-extension.
Binance, the world’s leading cryptocurrency exchange, recently announced that institutional investors are now able to access Binance’s “legitimate” and “secure” blockchain-based exchange platform. This news caused the Binance coin value to surge, and the Binance price to climb from $115 at the start of the month to a high of $367 on June 16th.
- The NBB bears could not cope with the high sales figures
- The initial price of the Binance coin for today’s chart was $369.
- The price of Binance coins has crossed the middle line of the 4-hour chart Bollinger line,
Binance currency(BNB) price analysis: Price Overview
Binance coin broke below the neckline of the head and shoulders pattern and continued its downward movement from $368 to $363. Despite the ongoing collapse of cryptocurrencies, BNB’s bears have been unable to maintain a high volume of sales and have therefore ceded control to the bulls. However, there are slight weaknesses with a concentration of sellers at $365 and $370. The daily resistance index is oversold at 47, but it is pointing downwards, which is a positive sign of an upward trend in the near future. When the RSI drops below 40, it means the market is approaching overbought conditions where bulls can reach and protect support at the $400 level. At the end of April, BNB’s price return stood at 106%, putting the currency in fourth place in terms of monthly returns over the past year. Around the same time, the coin reached an all-time high of $676 and also saw clear volume of 57% on 3,361 active trades. The largest trading pair in BNB was USDT with a volume of $1.56 billion, followed by BUSD and BTC.
Binance currency price movements over the past 24 hours
The opening price on today’s chart was $369. Binance coin price action then continued to form a head and shoulders pattern, which broke after a bearish decline to an intraday low of $359.
The daily range is narrow, with only an $18 difference between the low and high of $377. Indicates relatively low volatility on the 24-hour chart of the Binance coin. Buyers are trying to consolidate and recover from the downtrend. The medium-term goal is to focus on the April symmetrical triangle, whose trendline crosses $487 and the 50-day simple moving average at $429. A break above this moving average would lead the currency into the next rally for another new ATH.
4 Hourly Price Chart of BNB
The price of the Binance coin has crossed the median Bollinger line on the 4-hour chart, which is a negative signal for bearish momentum. At the time of writing, the currency is already trading at $363 and trying to break through resistance at $365, a point where many sellers are concentrated. Buyers should consolidate enough support to push the price above the 20-day exponential moving average at $389.
There is overhead resistance to the EMA at $433, and if the bulls can maintain a strong uptrend – there is a good chance the bullish triangle pattern will close at $608.
Conclusion of Binance coin price analysis
According to a senior commodity strategist at Bloomberg, bitcoin and other currencies will begin a rally to psychological resistance and then fall sharply in the near future. In his post, the strategist said bitcoin would rise to $40,000 and then drop to $20,000.
Binance coin is consolidating below $365, in preparation for a rally. While the cryptocurrency is trying to sustain its current levels, it has been consolidating in the low $380s. Binance coin, which is now ranked number one by market cap, has not broken out of a downtrend that has long been in place since May.
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