bnbbtc Archives - Page 2 of 2

18th October 2023

BNB Price Prediction – Bears Struggle, Will Price Finally Cross $220?

BNB price is still consolidating above the $200 support zone against the US Dollar. It could start a decent increase if there is a close above the $220 resistance.

BNB price is slowly moving higher toward the $220 resistance against the US Dollar.
The price is now trading above $210 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $211.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum if there is a daily close above $220.

BNB Price Remains In A Range

This past week, BNB price again retested the $200-$202 support zone. The bears made another attempt to clear the key $200 support, but they failed. A low was formed near $203 before the price started a decent increase, like Bitcoin and Ethereum.

There was a move above the $210 and $212 levels. The price tested the main $220 resistance. A high is formed near $219.2 and the price is now consolidating above the 50% Fib retracement level of the upward move from the $203 swing low to the $220 high.

BNB is now trading above $210 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $211.5 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

If there is a fresh increase, the price could face resistance near the $215.5 level. The next resistance sits near the $220 level. A clear move above the $220 zone could send the price further higher. In the stated case, BNB price could test $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance.

More Losses?

If BNB fails to clear the $220 resistance, it could start another decline. Initial support on the downside is near the $211 level and the trend line. The next major support is near the $207 level or the 76.4% Fib retracement level of the upward move from the $203 swing low to the $220 high.

If there is a downside break below the $207 support, the price could drop toward the $202 support. Any more losses could initiate a larger decline toward the $185 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $211, $207, and $202.

Major Resistance Levels – $215, $220, and $222.

6th October 2023

BNB Price Prediction – Bears Aim Nasty Drop Below $200, Here’s Why

BNB price (Binance coin) is still struggling to clear the $220 resistance against the US Dollar. The price could decline heavily below the $210 and $202 support levels.

Binance coin price is slowly moving lower from the $220 resistance against the US Dollar.
The price is now trading below $215 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might accelerate lower if it breaks the $210 support level.

Binance Coin Price Remains At Risk

This past week, BNB price attempted a recovery wave above the $210 level. The price was able to clear the $215 resistance zone. However, it failed to clear the $220 resistance.

There was a fresh decline in BNB, like Bitcoin and Ethereum. The price declined below the $215 support level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $207 swing low to the $221 high.

Besides, there was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair. The price is now trading below $215 and the 100 simple moving average (4 hours).

It is consolidating near the 76.4% Fib retracement level of the upward move from the $207 swing low to the $221 high. If there is a recovery wave, the price could face resistance near the $213 level and the 100 simple moving average (4 hours).

Source: BNBUSD on TradingView.com

The next resistance sits near the $215 level. A clear move above the $215 zone could send the price further higher. In the stated case, BNB price could test the main resistance at $220-$222. A close above the $222 resistance might set the pace for a larger increase toward the $250 resistance.

More Losses in BNB?

If BNB fails to clear the $215 resistance, it could start another decline. Initial support on the downside is near the $210 level. The next major support is near the $207 level.

If there is a downside break below the $207 support, the price could drop toward the $202 support. Any more losses could initiate a larger decline toward the $165 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $210, $207, and $202.

Major Resistance Levels – $215, $220, and $222.

18th September 2023

BNB Price Prediction – Poised For Bullish Breakout Unless This Changes

BNB price (Binance coin) stayed above the main $202 support against the US Dollar. The price is recovering and might rally if there is a move above $220.

Binance coin price is slowly moving higher above the $212 level against the US Dollar.
The price is now trading above $214 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum if there is a close above $220.

Binance Coin Price Starts Recovery

After a major decline, BNB price managed to stay above the key support at $202. The price traded as low as $204 and recently started a decent increase, like Bitcoin and Ethereum.

There was a move above the $208 and $210 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $234 swing high to the $204 low. Besides, there was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair.

BNB price is now trading above $214 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $219.50 and $220 levels.

BNB Price Prediction

Source: BNBUSD on TradingView.com

The 50% Fib retracement level of the main decline from the $234 swing high to the $204 low is also near $220 to act as a hurdle. A clear move above the $220 zone could send the price further higher. The next major resistance is near $228, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance.

Another Drop in BNB?

If BNB fails to clear the $220 resistance, it could start another decline. Initial support on the downside is near the $214 level and the 100 simple moving average (4 hours).

The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $204 support. Any more losses could send the price toward the $202 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $214, $210, and $202.

Major Resistance Levels – $220, $228, and $235.

13th April 2021

Coinbase Listing Sends Binance Coin (BNB), Exchange Tokens Soaring

There’s less than 24 hours standing in between now and the time San Francisco-based cryptocurrency exchange Coinbase is listed publicly for the first time. The shot heard ’round Wall Street has caused exchange tokens in particular to surge.

One of the biggest benefactors has been competitor platform utility token, Binance Coin, along with other similar coins offered by exchanges. Here’s why there’s such interest and demand for the platforms themselves.

The Big Deal Behind The Coinbase Listing And Ongoing Bitcoin Rally

Tomorrow, Coinbase (COIN) begins trading on the stock market in a move that could cause a widespread “revaluation for this whole segment higher,” according to Amplify ETFs founder and CEO Christian Magoon.

It also comes as Bitcoin price pushes to new historic highs, and crypto “altcoin season” is in full bloom. Coinbase couldn’t be doing better right now, and its debut valuation tomorrow is anticipated to be between $150 billion based on pre-market trading on FTX.

The popular cryptocurrency exchange now synonymous with Bitcoin itself has seen its Q1 2021 revenues beat all of 2020 combined.

The company’s “Coinbase Pro” platform is where many institutions and corporations have been doing business.

The high-wealth individuals and companies moving crypto off the exchange en masse has been called the most bullish signal “ever.” And the bull market has been spilling into altcoins and then some.

binance coin bnb coinbase ipo season

Binance Coin has absolutely exploded amidst Coinbase IPO fever | Source: BNBUSD on TradingView.com

FOMO For Exchange Tokens Bolsters Binance Coin Bull Market ROI

“I think we’re going to see more private companies go public because they see the path, hopefully, that Coinbase takes that recognizes the value in the public marketplace,” Magoon also told CNBC during a segment of ETF Edge.

The potential of other platforms like Coinbase to follow suit has prompted exchange utility tokens such as those from Binance or newcomer trading platform FTX.

Binance Coin itself has been an enormous benefactor of the buzz the Coinbase listing has created. Not only could Binance eventually go public as well, but increased trading volumes and utility from Binance Coin has also caused demand to skyrocket.

The popular token is also at the center of Binance Smart Chain that now could rival Ethereum. All together these factors have resulted in a more than 1300% climb from low to high in 2021 alone.

Exchange tokens are flying even more so than CBSE  | Source: Arcane Research

FTT, the token to newcomer platform FTX which has been offering pre-IPO Coinbase contracts, has also been rising and is up more than 700% on the year.

What this all boils down to, is that the cryptocurrency industry is finally being legitimized in the eyes of Wall Street and beyond, which could cause even further repricing of Bitcoin, altcoins, and especially exchange tokens like never before. And it all starts tomorrow with the historic Coinbase listing.

Featured image from Deposit Photos, Charts from TradingView.com

8th April 2021

Why This Trader Expects a Huge Binance Coin (BNB) Uptrend Forming

Binance Coin (BNB/USD) is bracing for a massive bullish move in the sessions ahead, a trend that could see the exchange token rise above $450.

The analogy comes from an independent analyst on Twitter, operating under the pseudonym of Crypto Kaleo to distribute day-to-day cryptocurrency updates across its 142,000 followers. Kaleo predicts a wild upside rally in the BNB/BTC instrument as he compares the pair’s current price movements with those last month — that led a parallel instrument, the BNB/USD, to its current record high of $422.

The Breakout Mood

In February 2021, BNB/BTC reached a new high in a breakout move that followed a consolidating move below a descending trendline and pattern top (0.0032 satoshis). After hitting 0.0067 satoshis as its breakout target, the pair started consolidating again under a new descending trendline pattern. Only this time, bulls waited for days before pursuing an upside breakout.

Later, the BNB/BTC pair consolidated near the level coinciding with its descending trendline top at 0.0067 satoshis.

“The first one back in mid-February went nearly vertical afterward,” said Crypto Kaleo, mentioning the chart as shown below. “I expect something similar here, though probably a bit slower considering the higher market cap/longer accumulation period prior.”

Notice how both ATH breakouts had massive wicks / shakeout candles. Source: BNBBTC on TradingView.com — Notice how both ATH breakouts had massive wicks/shakeout candles. Source: BNBBTC on TradingView.com

The analysis appeared as the cryptocurrency market, on the whole, risked correcting lower under Bitcoin’s influence. The BTC/USD exchange rate again failed to log a breakout move above $60,000. Traders unwound their upside positions to secure short-term profits and dropped the pair to as low as $55,400 on Wednesday. It was attempting to rebound this Friday, albeit with weaker volumes.

BNB’s fundamentals typically take cues from the Bitcoin market. The correlation efficiency between the two assets currently sits near 0.75. The general market consensus for Bitcoin is bullish. It means Binance Coin also has a likelihood of tailing the flagship cryptocurrency to its gains.

BNB/USD

Kaleo spotted more similarities in the BNB/USD price movements in February 2021 and right now.

and in April 2021:

Binance Coin outlook in April 2021. Source: BNBUSD on TradingView.com

“Extremely similar also,” Kaleo stated, “both accumulated/accumulating slightly higher than the ATH they recently broke. “Continuing to play out like the time above. I’m expecting a surge out of this range to a new all-time high and price discovery any time now.”