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Binance Coin Price Analysis: BNB ready to reach $100?

Binance Coin Analysis

TL;DR Breakdown

  • BNB has peaked at $75.5.
  • Next resistance around $80.
  • Closest support around $50-$52.

Binance Coin price prediction for today is bearish. BNB/USD has extended by over 100 percent from the previous major swing low of around $37. Therefore, a retracement for BNB is needed.

Binance Coin Price Analysis: BNB ready to reach $100? 1
Cryptocurrency heat map by Coin360

The overall market is still in the green. Bitcoin continues to test $40,000, while Ethereum trades below $1,700 after rejecting further upside earlier. ADA and BNB continue gaining ground for now. However, the market could see a retracement later today. 

Binance Coin Price Prediction: BNB ready to reach $100?

Our previous Binance coin price prediction mentioned that BNB would break above the $53 resistance. This was true as BNB did move past this mark on the 4th of February. Since then, Binance Coin has reached new all-time highs with over 100 percent gain from the previous major swing low at $37. 

If BNB can continue its momentum over the weekend, Binance Coin could reach the psychologically important $100 mark. However, considering that BNB/USD has gained over 100 percent over several days, we could see a sharp retracement at any moment, similarly to how it happened with Ripple, as mentioned in our previous Ripple price prediction.

Binance Coin price movement in the last 24 hours

BNB/USD opened at $67.62 today after a very strong bullish move yesterday took the price of BNB from $55.95 to $68.73. Trading range for Binance coin is relatively wide, $58.88 –

$75.40, while volume has increased by 120 percent to almost $2.2 billion. Therefore, BNB/USD has seen extremely volatile price action and huge market interest.

Binance Coin Price Prediction
BNB/USD 4-hour chart by TradingView

BNB/USD 4-hour chart – BNB moves exponentially

When looking at the 4-hour chart for BNB/USD, we can see a classic exponential move. After Binance coin tested the $37 level and set a bullish pin-bar, it moved higher and consolidated there for some time. 

During the end of January, the price of BNB slowly started to trend higher with increasingly higher highs and higher lows. As soon as the previous major resistance around $44,5 was broken, BNB/USD increased its momentum for upside rapidly. This has resulted in a swift move towards the $75 mark.

Right now, it is still too early to tell whether Binance coin price will reverse. Further upside towards the $100 mark is possible if the market can continue setting higher highs and lows later today. However, a very sharp reversal could be seen at any moment. 

Earlier this month, we saw Ripple perform a similarly sharp move to the downside. However, what followed was an equally strong selloff towards previous resistance turned support levels. If Binance coin`s price behaves in a similar way, we could see a very fast move towards last swing high resistance around $44.5-$47. This would imply a downside of around 40 percent.

From the support area where previous highs were located, BNB could be bought once again. The expectation would be that BNB/USD will rebound to the upside once again.

Overall, Binance coin is in a very volatile market condition. Likely we will see a sharp retracement to the downside over the weekend.

Binance Coin Price Prediction: Conclusion  

Binance coin price prediction is bearish as the market is overextended right now. First signs of rejection can be seen. However, it is still too early to tell whether we will see a reversal around the current price levels. BNB could still move higher and possibly reach the psychologically important $100 price mark.

Either way, the analyst expects BNB/USD to make a sharp retracement back towards the previous major swing high, around $47. The potential retracement for BNB could form a similar price pattern as Ripple did earlier this week.

For now, it is best to stay neutral and wait for further price action development. Short position could be made; however, there is a considerable risk of another sharp move higher.

While waiting for BNB/USD to retrace, read our long-term Bitcoin price forecast or today`s Bitcoin price prediction.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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