Cryptocurrency

Analysis: Binance Coin (BNB) for $ 20

With the positivism that led to the small rise of Bitcoin at the beginning of the week, a series of cryptocurrencies alternatives have begun to jump over barriers important, looking for annual maxima, and even historical. BNB, the token of Binance, managed to break the resistance in USDT 18,13, which left the way free for a good climb. How far will BNB?, find out with the analysis that we made below to identify your trend.

Long-term trend Binance coin (BNB)

Despite being a criptomoneda quite young, the behavior of its price has really been incredible, throwing off profits of more than 9000% to the initial investors still keep their position intact.

Thanks to this, today we can identify highs and lows ever higher in its historical trend, the main features of a direction to bullish.

With the fall of the market crypto last march, the bears showed strong weakness to leave a long wick rejection. Is price action left evidence that may have been the end of the retreat, before the start of a new bullish momentum, and the search for a new historical maximum.

Moving averages EMA and 8 SMA 18 months are crossed to the downside. Currently the price of the token BNB struggle with them, but the odds are in favor of a break upward of the same.

Trend medium-term

From the weekly chart we can identify the trend in the medium term, in this case currently bullish, a product of maximum and minimum increasingly high.

With the recent performance of the bulls, BNB managed to cross the immediate resistance most relevant, located in USDT 18,13, which left the ground clear up to a minimum USDT 24, this if you only take into account the barriers visible in the time-frame weekly.

The average mobile EMA and 8 SMA 18 weeks supports this direction, according to the price and functioning as dynamic media.

Technical analysis of the weekly chart Binance Coin vs Tether. Source: TradingView

Short-term trend

To identify the trend of the token the largest exchange in the world, the daily chart BNB vs USDT is a good place.

For almost 3 months this trend was very changeable, the product of the great consolidation affecting the price of Binance Coin.

3 days ago the buyers were able to define the control, to break the resistance of this range, and yesterday confirmed the break to the close 2 candles consecutive good body bullish.

Today we see the price still looking to generate profits. From this time frame, there is no barrier relevant to the USDT 21,33.

Moving averages EMA and 8 SMA 18, the days are coming, following is uptrend, now well-defined. You may work as a dynamic media if the price of BNB is trying to step back before continuing up.

The SMA of 200 days is also bullish today, moving away from the price, which indicates that the momentum is gaining force.

Daily chart Binance Coin vs USD Tether. Source: TradingView

All our publications are of an informative nature and in no case should be followed as investment advice.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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