As you can see in the one day Binance Coin price chart above, the coin is on a bull run. BNB is up by almost 18% in the last 24 hours alone. Currently, the coin is trading at $6.50, which is down by nearly 2% from yesterday’s high of $6.65. However, if the coin continues to rise at this pace, we can see the coin break $7 and even test $7.20 resistance in the next couple of days. Binance Coin is currently ranked #15 on CoinMarketCap. The crypto exchange is the second largest in the world in terms of 24-hour trading volume. The exchange raked in over $1.5 billion in the last 24
Binance Coin price surged above $700 and it is currently trying to break the $730 resistance against the US Dollar. The price is likely to extend gains above the $730 and $740 resistance levels. There was a break above a key bearish trend line with resistance at $715 on the 4-hours chart of the Binance Coin (BNB). The price settled above the $700 level and the 55 simple moving average (4-hours). It opened the doors for more gains above $720 and $730.
Summary of the situation
- The price of Binance coins is expected to exceed $650 and reach $700.
- The next support level is at $625.
- NBB experiences resistance on 670
Binance Coin’s price has broken through the $520 mark, and strong bullish momentum has taken the price to $631. Over the past seven days, BNB has posted gains of over 23%, indicating strong upside momentum. However, this increasing bullish activity led to volatile price action in the early morning.
The broad crypto-currency market has been bullish over the past seven days, with most major crypto-currencies posting gains during this time frame. Among the top performers were Ripple’s XRP and ADA, which gained 1.97% and 3.58%, respectively. Meanwhile, Bitcoin and Ethereum posted gains of 3.78% and 9.49%, respectively.
Technical indicators for NBB/USDT
Technical indicators for BNB/USDT from Tradingview
As for the technical indicators, the MACD shows bearish momentum. Although the histogram is still in the red at the time of writing, it has shrunk significantly as the price of the Binance coin has remained just above 12.50. Although the 12-EMA is still below the 26-EMA, there is little difference between the two and they could show a reversal at any time.
The RSI index has broken through at 1. May came out of neutral territory for less than an hour, but then fell back into neutral territory. The indicator is currently trading above the 60.00 level and moving downwards, indicating bearish sentiment at the current price level. Meanwhile, the RSI is trading in a strong uptrend, which is currently a bullish sell signal.
The Bollinger Bands are currently wide, but will converge in the near term as bears take control of market dynamics. Meanwhile, the convergence of the band indicates that the price volatility of the Binance coin has subsided as the price hovers just above the $630 mark. However, if the price consolidates above the centerline of the bars, they will point upwards in the following candles.
Overall, the technical analysis on the 4-hour chart gives a buy signal. 14 of 26 major technical indicators point to an upward movement. On the other hand, only three indicators are giving sell signals, indicating a bearish pullback. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The 24-hour technical analysis confirms this assessment and also gives a buy signal, as 14 of the 26 indicators show upward movement and only four indicators show downward movement. Meanwhile, eight indicators remain neutral and give no signal at the time of writing.
What can we expect from the Binance coin price?
Tradingview 4-hour chart
If the major crypto-currencies continue their upward rally, we can expect the price of Binance Coin to continue rising towards the $700 mark. Although BNB has fallen back from the $670 level today, the price of Binance Coin is still bullish and continues to rise.
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