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Analysis: Binance Coin (BNB) in search of the $ 20

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With the positivism brought about by Bitcoin’s small rise earlier in the week, a series of alternative cryptocurrencies have begun to jump through major barriers, seeking annual, and even historic, highs. BNB, the Binance token, managed to break the resistance at USDT 18.13, leaving the way clear for a good climb. How far will BNB go ?, find out with the analysis we prepare below to identify its trend.

Long-term trend Binance coin (BNB)

Despite being a fairly young cryptocurrency, its price behavior has been truly incredible, yielding gains of over 9000% for initial investors who still keep their position intact.

Thanks to this, today we can identify higher and lower highs in its historical trend, main characteristics of a bullish direction.

With the crypto market crash last March, the bears showed strong weakness by leaving a long wick of rejection. This price action left signs that this may have been the end of the pullback, before the start of a new bullish momentum, and the search for a new all-time high.

The 8-EMA and 18-month SMA moving averages are crossed lower. Currently the price of the BNB token struggles with them, but the odds are in favor of a bullish breakdown of them.

Medium-term trend

From the weekly chart we can identify the medium-term trend, in this case currently bullish, as a result of higher and higher highs and lows.

With the recent performance of the bulls, BNB managed to cross the most relevant immediate resistance, located at USDT 18.13, which left the ground cleared to a minimum of USDT 24, this if we only take into account the visible barriers in the weekly time frame .

The moving average EMA of 8 and SMA of 18 weeks support this direction, following the price and functioning as dynamic supports.

Technical analysis of the Binance Coin vs Tether weekly chart. Source: TradingView
Technical analysis of the Binance Coin vs Tether weekly chart. Source: TradingView

Short-term trend

To identify the token trend of the world’s largest exchange, the BNB vs USDT daily chart is a good place.

For almost 3 months this trend was very changing, as a result of the great consolidation that the Binance Coin price went through.

3 days ago, the buyers managed to define the control, by breaking the resistance of this range, and yesterday they confirmed the break by closing 2 consecutive candles with a good bullish body.

Today we look at the price still looking to generate profits. From this time frame, there is no relevant barrier until USDT 21.33.

The 8-day EMA and 18-day SMA moving averages have been following this upward trend, now well defined. They may function as dynamic supports if the BNB price tries to pull back before continuing to rise.

The 200-day SMA is also bullish today, moving away from the price, indicating that momentum is picking up.

Binance Coin vs USD Tether daily chart. Source: TradingView
Binance Coin vs USD Tether daily chart. Source: TradingView

All our publications are for informational purposes, so they should not be accepted as investment advice under any circumstances.



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