The market crypto dawns in positive after 2 days of a major step up in the price of Bitcoin. However, even BTC is kept locked in a range with resistance at USD 9.950. The same thing is happening with many of the altcoins. Binance Coin is the best signals casts, indicating that it is ready to take off.
Before we go to the charts for the price, let’s review a little bit about this important criptomoneda within the ecosystem.
It was created in 2017 through the standard model ERC20 for the creation of tokens in the network Ethereum. Ranked as a token of utility, specifically to function as a vehicle for transactions within the exchange Binance. Later, he went on to be the token native of Binance Chain.
Obviously, the progress of the token is intrinsically linked to the growth of the famous exchange, today the leader among the largest, which has led to the evolution of the price of the Binance Coin is really amazing.
Technical analysis: Is it ready Binance Coin to take off?
The recent movement of Bitcoin able to overcome the USD 9.500, is the main cause of that BNB is in as good a position to show a bullish momentum in the short term.
Like BTC, the token of Binance is still trapped in a range of prices, which has kept him locked up for almost a month.
The consolidation has resistance at USD 17.5 ” and support in USD 15.
A break of either of those extremes is quite likely to trigger a movement volatile. In these moments, everything points to that that will take the force to break the range are the buyers.
If BNB breaks the us $ 17,5, the next target will be the USD 19,15. Then, the most important level of offer will be us $ 21,5. Both are short-term goals.
Due to the influence of Bitcoin on the market in general, for this to happen the price of BTC must overcome the barrier of us $ 10,000, what would be the start of a very important rise in the medium term. Without a doubt, Binance Coin will take advantage of this feeling, and the levels that today we predict may stay pretty short.
The EMA and 8 SMA 18 are kept crossed to the upside, and working as support dynamic. The SMA of 200 days was crossed as resistance yesterday.
It is important to always be flexible for a radical change of direction, which could lead to a break of the support of the consolidation, located in 15 USD, and that would generate sales until at least the USD 13.7.
Technical analysis of the price of the Binance Coin, with signs that indicate that it is ready for take-off in the short term. Source: TradingView.
It is always good to review the time frames higher to have a clear vision of the big picture.
The chart candles weekly currently owns the EMA and 8 SMA 18 that cross at the low, supporting the still-dominant force that started at the beginning of February, and left the next resistance is more relevant for the medium-term, located in USD 24,5.
If the bulls manage to overcome effectively the immediate hurdle located in USD 17,5 (with candles consistent), the bearish signal given by the crossover of the moving averages you will lose validity.
The price of Binance Coin is in a crucial moment to demonstrate with force that is ready to take off, even towards their zone of historic maximum, close to USD 43.
Technical analysis of the chart BNB USD. Source: TradingView.
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