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BNB Price Prediction: Binance Coin eyeing $600 but shows signs of surging towards the $700 mark

BNB Price Prediction

TL;DR Breakdown

  • BNB price prediction shows the crypto asset is currently facing a slow down in its bullish momentum after recording a 16 percent surge.
  • A brief price down surge towards the $530 region or below would attract a new wave of buying pressure.
  • The resistance region that ranges from $570 to $605 is the only thing coming in between the Binance Coin and a new all-time high milestone.

Over the past 24-hours, the price movement of the Binance Coin has been showing signs of a slowdown in its bullish match. The number of buyers buying the crypto asset seems to be reducing as the Binance Coin approaches the critical resistance level. At present, holders of the crypto asset should expect the price to retrace towards the nearest support level before resuming its bullish momentum.

BNB Price Prediction: General price overview

The start of trading today was met with an exhausted crypto asset in its quest to bypass the $1,000 mark. According to the Momentum reversal technical Indicator (MRI), the Binance Coin is flashing a red one candlestick in its 12-hour price movement. This signal predicts a 1-to-4 candlestick correction. What this means is investors should be ready for a mild price retraction soon.

Although it might sound like bad news, this brief price retraction will increase buying pressure by allowing buyers to increase their Binance Coin holdings at a discount. This will put them at a vantage point in the next bullish leg that attempts to bypass the $630 price region. In the event the crypto Coin closes the day above the $600 region, the Binance Coin will be at a discovery stage that could allow traders to push it towards the 160 percent Fibonacci extension level at around $700.

BNB price movement in the past 24 hours

BNB Price Prediction: Binance Coin eyeing $600 but shows signs of surging towards the $700 mark 1
Source: TradingView

One of the several technical indicators supporting the projected price retracement and surge is the 30-day Market Value to Realize Value (MVRV) by Santiment. This technical indicator is used to monitor the average profit or loss of a trader who has bought a crypto asset over the past 30-days. At present, the MVRV is at about 6 percent, but historical data shows that BNB could enjoy a local top around the 20 percent region. This shows the price of the crypto asset has room to grow.

Additionally, the daily active addresses indicator adds credence to Binance Coin’s bullish narrative. This indicator is used as a metric that determines the current state of crypto holders. A higher number of active addresses means the crypto is bullish while a low number means vise versa. At present, Binance Coin is suffering from the effects of a 60 percent decline inactive addresses. Between 20th and 27th April, Binance Coin witnessed a decline of addresses from 313,000 to 130,000. This substantial decrease signals a bearish outlook as it shows investors are running away from the crypto asset. This can be due to profit-making reasons or reallocation of funds.

BNB 4-hour chart

BNB Price Prediction: Binance Coin eyeing $600 but shows signs of surging towards the $700 mark 2
Source: TradingView

At the time of writing, the Binance Coin is exchanging hands at around $546. While the brief price plunge appears imminent, investors need to keep a close eye on the extent of the price decline. If the crypto asset plunges beyond the $470 mark, all the bullish narrative is going to go down the drain.

Conclusion

Recently, the Binance Coin network took to their social media platforms to announce their resolve to stop deposits and withdrawals handled by the OMNI blockchain platform. This is going to have an impact on the price of Binance Coin in the near term.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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