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Binance Coin, or BNB, has seen a meteoric rise in the past week. The coin is currently trading at $400 USD per coin and analysts say that this could be just the beginning of an even larger moonshot.
The Binance Coin Breezes Past $400, Analysts Expect a BNB/USDT Moonshot to $1.1k is a cryptocurrency that has been on the rise lately. It has hit an all-time high of $390. Read more in detail here: what is bnb crypto.
Without a question, the Binance Coin (BNB) has outperformed expectations.
Few predicted that the currency would become a feature token in the top 10, displacing XRP and ADA to take third place.
Status and Market Performance of Binance Coin (BNB)
Furthermore, BNB is a tough cookie.
Although prices more than halved in the second quarter, the price movement on the daily chart suggests strength.
BNB is still finding its feet at the time of writing. This isn’t to suggest the currency isn’t in trouble. BNB is now reasonably solid, selling at more than 5X Q3 2020 levels. BNB was hovering around the $40 mark at the time.
It will be fascinating to watch how BNB values develop as time goes on. For one thing, the currency has gained 19 percent in the past week of trade.
On the final trading day, there was a cooling-off period.
Despite this, BNB is largely steady vs USD, BTC, and ETH, because to above-average trading volumes.
BNB/USD is trading inside a bullish breakout pattern on the BNB daily chart. BNB bull bars, which are racing over $400, are firmly banding along the upper BB.
Given recent developments, particularly the rebound from the 78.6 percent Fibonacci retracement level of the H1 2021 trading range, the chances of BNB rising back to $700 in the near term seem to be quite strong.
If this happens, it’ll be critical for BNB prices to stay above $400 this week, particularly as bulls push towards $700, retesting H1 2021 highs.
Binance Coin bulls face a strong resistance zone between $400 and $430.
The wider trade community is optimistic about BNB’s prospects.
Regardless of their bias, there must be a confirmation.
One trader on Twitter points out that the area between $400 and $430 is a strong resistance zone.
Binance $BNB/USDT 4H
This may potentially be a fakeout, so wait for further confirmation. This is the main resistance area, and if it is broken, $BNB will begin a fresh rally. The market continues to be optimistic. On the retest, we’ll add additional $BNB.
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August 16, 2021 — SOMEONE OF ALT STREET (@Dimond Boots)
As a result, based on price activity on the 4HR chart, a solid closure above this level is required.
When this is printed, it will set off the next wave of demand, pushing the coin upward toward $700.
The price of Binance Coin is on its way to $1.1k in the fifth wave.
Another trader on Trading View believes this is the start of a big impulse wave over $1k in the coming weeks.
BNB/USDT prices, according to the expert, are in the early stages of another run higher on the weekly chart. In a 1-2-3-4-5 Elliot wave pattern, he believes the coin will ultimately blow over $700 and towards $1.1k—and even higher.
The MACD histogram on the same chart also shows potential peaks, which is a net positive for BNB bulls hoping for a moonshot.
Bullish Breakout in BNB/BTC
Meanwhile, BNB/BTC prices are breaking above a wedge and overcoming a significant liquidation trend line, indicating the possibility of a rebound in the next days.
The breakthrough, according to the trader, is a buy trend continuation with rising velocity and trading volumes, indicating bullish strength.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
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