Binance witnessed a bullish trajectory over the weekend after overcoming the $308 and $316 resistance into the $330 price level. The performance reflects the green-lit cryptocurrency market where Bitcoin, Ethereum, and the majority of other altcoins are sporadically enjoying 5-10 percent gains.
However, the leading exchange coin is still lagging below its June target when BNB fell from $420.
Binance Coin price analysis suggests a bullish outlook over the next 24-hours, after setting a daily high at $347 during the early morning session. While the coin has already corrected lower at its $330 primary support, the bulls are still consolidating more buyer volumes as they target the $350 – $380 level.
The general cryptocurrency market is trading slightly bearishly on the daily chart, with Bitcoin and Ethereum 1.80 and 6.20 percent down. LTO and QNT are the best performing altcoins on the 24-hour chart after posting record gains of 17 and 12.5 percent, respectively.
The BNB/USD pair is trading within a strong range of $326.17 -$347, with daily trading volume at $456 million and volatility over the past 24 hours (indicating a 4 percent change from the highest to the lowest price). The total market capitalization for Binance Coin stands at $55 billion.
Binance Coin bulls manage to challenge the $340 overhead resistance on the 4-hour chart, indicating momentum among buyers and weakening sellers.
The 50-day moving average is acting as major support at $310. However, this is an interesting zone for the bears since it marks a territory that sellers are so much willing to pull the price towards.
If successful and a downward correction occurs, chances are high of bringing the $308 resistance into play, which could break down Binance Coin’s price and push it towards last week’s low.
On the right edges of the 4-hour chart, Binance Coin is heading towards $335 and attempting to rally with support to $340. This could see the coin retest the $347 intraday high and go on to set a higher daily high in the upcoming hours.
Thereby guaranteeing traders that the $350 mark is still a possibility.
If buyers are strong enough to sustain the 20-day exponential moving average, the bulls will have a strong attempt at clearing the $340 overhead resistance and pulling out a solid rally to $379.
Binance Coin price analysis suggests a strong bullish outlook that is likely to occur on the 2-day chart. The coin is likely to retest the overhead resistance and begin an upward trajectory towards the next main support, around $345.
This post was last modified on August 2, 2021 11:21 am
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