Binance Coin price analysis: BNB/USD climbs at $1.00 demonstrating bullish vigor

Binance Coin

TL;DR Breakdown

  • Binance Coin price analysis shows a bullish trend
  • BNB/USD support is present at $0.9997
  • Binance Coin price is facing resistance at $1.00

Binance Coin price analysis indicates an increasing trend for cryptocurrency today as the coin value has increased tremendously, reaching above $1.00, the resistance level for BNB/USD is at $1.00 and the support level is at $0.9997 and has seen a slight price increase of 0.02%. BNB has recently seen a sharp rise in its price, with a period of high volatility. Bulls have been able to raise the price to $1.00 in the past day despite the price has been bumping up against negative resistance for the previous few days. The last 24 hours with a market capitalization of $16.1 billion and trading volume is currently at $5.9 billion.

Binance price analysis 1-day chart: Bulls stumble to keep control

Looking at the one-day Binance Coin price analysis also shows an uptrend movement as the coin has been relatively stable, ranging between a range of $0.999 to $1.00, and is currently trading at around $1.00.The market volatility seems to be increasing, there is likely more opportunity for the trend to shift in either direction. The Bollinger band’s upper value is 336.3representing the resistance for BNB, whereas the lower value is $294.9 representing the strongest support for the BNB price.

image 211
BNB/USD 1-day price chart, Source: TradingView

The relative strength index (RSI) index is currently at 60.92, which indicates that the coin is in an overbought state and may be due for a correction. The moving average convergence and divergence (MACD) is above the signal line, which indicates the trend is heading upwards.

BNB/USD 4-hour price chart: Recent developments and further technical indications

The 4-hour Binance Coin price analysis reveals a strong bullish trend for today as the coin value has significantly improved. The BNB/USD pair shows that BNB has exited a descending triangle pattern. The pattern’s breakout indicates that the bulls are in charge and that the price may increase further in the near future. 

image 212
BNB/USD 4-hour price chart, Source: TradingView

The moving average convergence and divergence (MACD) is also in the positive zone and is rising, which suggests that the bulls are in control. The relative strength index (RSI) is also near the overbought zone, indicating a potential correction soon. The market volatility has to follow an uncertain closing movement, which causes the BNB prices to become less susceptible to volatile change. The upper Bollinger band is now at the $316.8 level, and the lower Bollinger band is at $301.7.

Binance Coin price analysis conclusion

In conclusion, the Binance Coin price analysis shows that the coin is in a strong bullish trend, and increasing market volatility may be an opportunity for traders to capitalize on the price movements. Therefore, traders are expecting the price to reach its all-time high of $1.00 shortly. It is important to note that if the token falls below the $0.9997 support level, a further correction may occur.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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