Binance Coin price jumps to $23.2, what’s next?

Binance Coin price jumps to what s next

The Binance Coin price line jumped across the $23.2 level on the 20th of August. Crypto Currency Alerts is a crypto analyst on Trading View who is of the opinion that the BNB price will see a long-term rise towards the $40 mark.

1-Day Binance Coin price analysis

Binance Coin price chart 1 - 20 August

Binance Coin price chart by Trading View

After trading between the $22.0 and $22.6 price levels for the first half of the day, the price line abruptly jumped towards the $22.2 mark in the afternoon of the 20th of August. At 16:00 GMT, BNB price rose to a day’s high of $23.32 US Dollars. At the time of writing, Binance Coin was observed trading at $23.16 US Dollars.

What to expect from the Binance Coin price?

The Trading View analyst Crypto Currency Alerts highlighted an ascending parallel channel over the 1-Week chart for the BNBUSD trading pair. The analyst believes that the cryptocurrency will rise past the $35 level in a long-term trade.

Binance Coin price chart 2 - 20 August

Binance Coin price chart by Trading View

The analyst employed the Ichimoku cloud, while they are of the opinion that the BNB price will soon move past the $25 level. After this, the cryptocurrency will have reached above the pivot point of the ascending parallel channel. This rise above the middle point may be followed by an ascending movement towards the rising resistance of the ascending channel.

As per the chart above, Binance Coin will test the upper boundary of the ascending parallel channel towards the middle of 2021. Though the move across the $25 mark is expected to play in the short-term trade.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

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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