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Binance Coin price analysis: high volumes causing increase in price

binance coin bnb price analysis 23july

Binance Coin price analysis reveals that Binance Coin (BNB) has been climbing the top of the daily charts when it comes to trading performance among the top ten (10) contenders.

It has secure twenty nine percent (29%) over the course of the last two (2) weeks. A rise, not sure if it will be steady or abrupt, yet a rise is expected in the upcoming time frame.

Binance Coin price analysis: high volumes causing increase in price 1Binance Coin price chart by Trading View

Binance Coin BNB has experienced a major pullback of forty percent (40%) of its value. The 0.0044 satoshi mark offered quite some resistance from which BNB has fallen back.

Since July, the volume has been picking indefinitely and this, without a doubt, leaves to believe that the volume will start expanding with BNB accumulating more digits with time.

The 0.5 Fibonacci Retracement level has given a resistance mark of 0.0030 satoshis that formed due to the wedge on the decline.

If the interval between the breaking of the resistance isn’t much the new resistance point sits at the 0.0048 satoshi mark that will also be a\serving as the all-time high (ATH) mark. A closer approach lies at the 0.0038 satoshis which are the Point of Control (POC).

Binance Coin price analysis: high volumes causing increase in price 2

Binance Coin price chart by Trading View

The hourly chart can be used for the evaluation if wither the Binance Coin BNB will be breaking the 0.0030 satoshi ancestress. Or else will it plummet downwards like a rag doll on a slope and end at a new support line lower than the one it currently resides on.

The bullish trend as hypothesized earlier by bitcoin analysts on BNB has become a reality with volume beefing up for BNB price. A Bullish breakout is likely to occur if the volume keeps on rising like this for BNB.

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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