Binance Coin price analysis: BNB price is going smooth

binance coin price analysis

Binance coin price analysis reveals that the Perlin (PERL) Token Sale goes live on Binance Launchpad making a big contribution to the upthrust that BNB was receiving since buying BNB equals participating in the event.

The initial exchange offering (IEO) offers an incentive that sums up to approximately three hundred thousand USD ($300,000)- to be distributed to eligible participants after the lottery draw.

Binance Coin price analysis – short-term

The two hundred moving average is below the trend line that Binance Coin price has currently set. This means that BNB is bullishly going well.

Furthermore. Confrontation with a sixteen dollar ($16) neckline forming below the head and shoulders pattern was averted as the four-hour chart shows BNB moving out of the head and shoulders pattern. Nice save on that one.

The four-hour time frame technical indicators are flashing the ‘buy’ signal with all flags giving green for a bullish outcome.

Binance Coin price analysis: BNB price is going smooth 5Binance Coin price chart by Trading View

The relative strength index (RSI) is in the overbought territory and the moving average convergence/divergence (MACD) has signaled the crypto community to buy BNB.

Binance Coin price analysis medium term

The medium-term outlook of Binance Coin (BNB) is still bullish with BNB soaring, on the daily time frame, above the two hundred (200) day moving average.

An inverted head and shoulders pattern lies ahead that will give a twenty-three dollar ($23) boost to the cryptocurrency.

Bullish technical indicators are a sign of prosperity for the BNB to move upwards on the chart.

Binance Coin price analysis: BNB price is going smooth 6Binance price chart by Trading View

The head and shoulders pattern still poses a threat to buyers. They should vary of its existence on the daily time frame that might turn bearish.

The RSI and the MACD, both are bullish and it seems to lie a good time to buy some BNB.

With BNB currently bullish, the buyers need to solidify the means that keep it that way by pushing towards the fifty ($50) dollar region. This would be a statement for BNB in the medium term as well.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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