Binance Coin price analysis: BNB price headed towards all time high

BNB price analysis 21 july

Binance Coin price data analysis reveals that the Binance coin (BNB) is now the sixth (6) largest cryptocurrency. BNB price is expected to hit the all-time high at forty dollars ($40) mark soon.

The market cap for BNB is four billion ($4.72B) dollars and it has done this by gaining an increase in its price in the last three (3) days. A gain of twenty-six (26%) percent that got the crypto coin running in the market for more than thirty ($30.50) dollars, currently.

The support for BNB had been at twenty-eight ($28.90) and then it dropped to twenty-five dollars ($25.18) which were considered to be a major support level as it had played out as a major resistance level during the months of April and May in 2019. The recent price bounce also allowed BNB to break above the 100 days Exponential Moving Average (EMA).

Going up, the probable levels of resistance will be thirty-one dollars ($31.49) and the thirty-two dollar mark ($32.45). Further increase in BNB price shows more resistance at the thirty-four dollars ($34), thirty-five dollars ($35), thirty-six dollars ($36.28) and the thirty-eight dollars ($39.28) marks.

The forty dollars ($40) mark, if reached, will create an all-time high (ATH) mark.

Binance Coin price analysis: BNB price headed towards all time high 1Binance Coin price chart by Trading View

But since the incline can turn out to decline as well, the probable support levels are thirty dollars ($30) and twenty-eight dollars ($28.30). Further deterioration in the economic stability of the coin will allow BNB to receive support at twenty-eight ($28.89), twenty-six ($26.44) and twenty-five dollars ($25.18) mark.

The relative strength index (RSI) indicates a bullish pattern of the market as it now attempts to break above the mark labeled 50.

Binance Coin price analysis: BNB price headed towards all time high 2Binance Coin price chart by Trading View

The BNB/BTC pair is floating around the 0.0026 BTC mark. The curve has, however, risen up slowly to be trading at 0.00288 BTC. Resistance will be experienced at 0.003 BTC, 0.003111 BTC.

If the market keeps getting bullish and a break above the 200 exponential moving average (EMA) is seen, then the new resistances will be 0.0032 BTC,0.0033 BTC, and 0.003419 BTC.

The fall would make BNB find support at 0.002756 BTC,0.002655 BTC, and 0.0026 BTC. If things deteriorate further for BNB then the next support points will be 0.002493 BTC, 0.0023 BTC, and 0.002265 BTC.

The RSI at the 50 mark quite remarkably signs of the bulls stampeding to the highs.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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