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Author Topic: Binance Coin Price Analysis - BNB Reclaims $300 After Breaking Downside Of Trian  (Read 5055 times)

Offline AlviNess

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Key highlights:
Binance Coin is up by a small 3% today as the cryptocurrency battles to reclaim $300
Despite today’s small rebound, BNB is still down by a total of 16% over the past week
Against Bitcoin, BNB dropped as low as ₿0.008 this week but has since pushed back above ₿0.009
Binance Coin price   $308
Key BNB resistance levels   $325, $360, $37, $380, $400
Key BNB support levels   $280, $260, $250, $225, $210
*Price at the time of publication

Binance Coin is down by a steep 16% over the past week of trading, but the bulls are currently involved in a battle to reclaim $300.

Our last analysis highlighted that BNB was trading in a symmetrical triangle pattern and that the breakout was imminent. Well, over the course of the week, BNB, unfortunately, fell toward the downside of this consolidation pattern and started to plummet. It quickly lost ground at $320 and even dipped as low as $226 during the BTC spike below $30K.

It has since rebounded from this low and is trading directly at $300 at the time of writing as it wrestles with resistance there provided by the 200-day MA level.



The fundamental side for BNB continues to stay quiet during this market downturn. Investors are eagerly anticipating the next Initial Exchange Offering (IEO) from Binance. It seems that the IEOs have started to slow down when we consider that their last IEO ended around 16 days ago for the Automata Network. Before that, the previous IEO was over two months before for My Neighbor Alice.

You can find a complete list of all the IEOs on Binance here.

The latest Binance Community Vote has ended recently, and we can expect a new token to be added pretty soon. The coin that won the vote was called MeSPAM BANble Data Token, a project designed to allow data buyers to exchange data securely and anonymously.

Binance Coin remains ranked in the 4th position as it currently holds a $46.5 billion market cap value.

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Binance Coin price analysis


What has been going on?
Taking a look at the daily chart above, we can clearly see BNB trading in a period of consolidation last week as it was trapped inside a symmetrical triangle pattern. The coin broke toward the downside of the pattern over the weekend and eventually fell beneath the June support at $320 on Monday.

On Tuesday, BNB continued to fall as it fell further beneath $300 and spiked as low as $225 during the time when BTC took a brief dive beneath $30K. Luckily, the bulls quickly regrouped and allowed BNB to close the daily candle at $260. This was the low-day closing price for BNB during the May capitulation.

From there, BNB has since rebounded and is attempting to reclaim the $300 level. There is major resistance here provided by the 200-day MA, and an increase in volume will be required to overcome the level.

Binance Coin price short-term prediction: Neutral
BNB remains neutral as it sits above $300. However, if it was to close beneath the May LDC at $260, it would turn bearish in the short term. On the other side, BNB would need to break beyond the June highs at around $440 to turn bullish in the short term.

Looking ahead, if the bears push lower from there, the first level of support lies at $280. This is followed by support at $260, $250 (.786 Fib Retracement), $226 (this week’s low, $210, and $200.

Where is the resistance toward the upside?
On the other side, if the buyers can cleanly break above $300, the first strong resistance lies around $325, provided by a bearish .236 Fib Retracement. Above this, resistance lies at $350, $370 (100-day MA), $390 (50-day MA), and $400 (bearish .382 Fib Retracement).

Additional resistance beyond $400 is expected at $440, $450 (bearish .5 Fib Retracement), and $480.

BNB/BTC price analysis


What has been going on?
Against BTC, BNB dropped beneath the June support at ₿0.009 this week, provided by a .5 Fib Retracement level. After breaking the support, it continued beneath the 50-day MA until support was found at ₿0.008.

Luckily, the bulls have since regrouped from here and have pushed BNB higher to the current level, around ₿0.009.

BNB/BTC price short-term prediction: Neutral
BNB still remains neutral at this moment in time. It would need to fall beneath the May low-day closing price around ₿0.0074 to turn bearish. This support is further bolstered by a .618 Fib Retracement. On the other hand, it would need to break resistance at ₿0.011 (June highs & bearish .786 Fib Retracement) to turn bullish in the short term.

If the sellers push lower, the first support lies at ₿0.0085, provided by the 100-day MA and a short-term .618 Fib Retracement. This is followed by ₿0.008, ₿0.00791 (downside 1.414 Fib Extension), ₿0.00743 (May LDC and long term .618 Fib Retracement).

Beneath this, additional support lies at ₿0.007 ₿0.0067 (200-day MA), ₿0.0065, and ₿0.0061 (.786 Fib Retracement).

Where is the resistance toward the upside?
On the other side, the first strong resistance lies at ₿0.00947 (beraish .5 Fib & 50-day MA). This is followed by ₿0.01 (bearish .618 Fib Retracement), ₿0.0105, and ₿0.011 (bearish .786 Fib Retracement & June highs).

Keep up to date with the latest BNB predictions here.source
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