Lorenzo Stroe
Independent Analyst
- BNB is currently trading at $33 after the best recovery among the major coins.
- A series of positive announcements and launches by Binance have boosted the value of BNB coins significantly.
BNB was the first major coin to recover from the crash on September 3. Not only BNB has recovered from a low of $18, but it’s getting a ton of continuation, increasing by almost 86% in value over the past nine days.
BNB/USD Weekly Chart
The Binance utility token has broken out of a long-term symmetrical triangle and faces very little resistance until the all-time high at $39.59. The next resistance point would be located at $34.83. BNB price has already surpassed the Fibonacci retracement level at $31.72, which was a significant resistance level.
BNB bulls could be concerned about the weekly overextended RSI; however, in the past, an overextension of this indicator didn’t really stop the price of BNB from surging higher.
BNB/USD Daily Chart
Binance Coin managed to finally set a new 2020-high on September 12 after climbing above $27.19 and closing the day at $28.53, followed by more continuation moves towards $33.38. Of course, the RSI is overextended, and BNB could see a pullback in the short-term, perhaps towards the 0.236 Fibonacci Retracement line at $31.72. A more significant pullback would happen towards $27.19, which practically coincides with the Fib 0.382 Retracement level.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.