Binance Coin Price Prediction — Will BNB Hit $1000 Soon?

Binance Coin Price Prediction 2021 - Will BNB Hit $700 Soon?
  • Bullish BNB price prediction is $674 to $957.
  • BNB price will also reach $1K soon.
  • BNB bearish market price prediction for 2021 is $225.4.

In Binance Coin (BNB) price prediction 2021, we use statistics, price patterns, RSI, RVOL, and much other information about BNB to analyze the future movement of the cryptocurrency.

BNB Current Market Status

According to coingecko, the price of BNB is $609.76 with a 24-hour trading volume of $2,588,359,982 at the time of writing. However, BNB has decreased to 6.7% in the last 24 hours.

Moreover, BNB has a circulating supply of 168,137,035 BNB. Currently, BNB trades in cryptocurrency exchanges such as Binance, Mandala Exchange, FTX, CoinTiger, and Huobi Global.

What is Binance Coin (BNB)?

Binance Coin is a cryptocurrency used to pay and trade in Binance’s own cryptocurrency exchange. The exchange was the largest crypto exchange in the world as of January 2018, facilitating over 1.4M transactions per second. Binance Coin users receive a discount on Binance Exchange transaction fees as an incentive.

BNB can also be traded or exchanged with other cryptos. It was created in July 2017 and worked on the Ethereum blockchain with the ERC-20 token before it became Binance’s own blockchain, Binance Chain’s own currency.

Binance Coin (BNB) Price Prediction 2021

Binance Coin holds the 3rd position on CoinGecko right now. BNB price prediction 2021 explained below with a weekly time frame.

BNB/USDT Ascending Triangle Pattern (Source: Tradingview)

The ascending triangle is a bullish formation which forms as a continuation pattern during an uptrend. There are some cases where ascending triangles form as an inverted pattern at the end of a downtrend, but are generally continuation patterns. Wherever they form, ascending triangles are a bullish pattern representing accumulation.

Currently, BNB is at $609.76. If the pattern continues, the price of BNB might reach the resistance level to $747.4 and $957.3. If the trend reverses, then the price of BNB may fall to $225.4.

Binance Coin (BNB) Support and Resistance Level

The below chart shows the support and resistance level of BNB.

BNB/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of BNB.

Resistance Level 1$674
Resistance Level 2$957.3
Support Level 1$524.2
Support Level 2$318
Support Level 3$225.4
Resistance & Support Levels

The charts show that BNB has performed a bullish trend over the past month. If this trend continues, BNB might run along with the bulls overtaking its resistance level at $957.3.

Accordingly, if the investors turn against the crypto, the price of the BNB might plummet to almost $225.4, a bearish signal.

Binance Coin Price Prediction 2021 — RVOL, MA, and RSI

The Relative Volume (RVOL) of BNB is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. From the mid of October to till at the time of writing, RVOL of BNB lies below the cutoff line, indicating weaker participants in the current trend.

BNB/USDT RVOL, MA, RSI (Source: TradingView)

More so, the BNB’s Moving Average (MA) is shown in the chart above. Currently, BNB is in a bullish state. Notably, the BNB price lies above 50 MA (short-term), so it is completely in a positive trend. Therefore, there is a possibility of a reversal trend of BNB at any time.

Meanwhile, the relative strength index (RSI) of the BNB is at level 67.31. This means that BNB is in a nearly overbought state. However, this means a major price reversal of BNB may occur in the upcoming days. So, traders need to trade carefully.

Binance Coin Price Prediction 2021 — ADX, RVI

Let us now look at Binance Coin’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System. This system attempts to measure the strength of price movement in the upward and downward directions using DMI indicators with ADX.

BNB/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Binance Coin. Currently, BNB lies in the range at 37.9, so it indicates a strong trend.

From the above chart, the Relative Volatility Index (RVI) of BNB. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of BNB is above the 50 level, indicating that the direction of volatility is high. In fact, BNB’s RSI is at the 67.31 level thus confirming a potential buy signal.

Comparison of BNB with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum and Binance Coin.

BTC Vs ETH Vs BNB Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH, BTC and BNB is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and BNB also increases or decreases respectively.

Conclusion

With continuous improvements in the Binance Coin network, we can say that 2021 is a good year for BNB. For this reason, the bullish price prediction of Binance Coin in 2021 is $957.3. On the other hand,  the bearish BNB price prediction for 2021 is $225.4. Furthermore, with the advancements and upgrades on the BNB ecosystem, the performance of BNB would rise reaching $747.4 very soon. But, it might also reach $1K if the investors believe that BNB is a good investment in 2021.

FAQ

What is a Binance Coin?

Binance Coin (BNB) is an exchange based token which was created and issued by Crypto Exchange Binance.

Where can you purchase BNB?

BNB has listed on many crypto exchanges which include Binance, Mandala Exchange, FTX, CoinTiger, and Huobi Global.

Will BNB reach a new ATH soon?

With the ongoing developments and upgrades within the BNB platform, it has a high possibility of reaching its ATH soon.

What is the current all-time high (ATH) of Binance Coin?

On May 10, 2021, BNB reached its new all-time high (ATH) of $686.31.

Is BNB a good investment in 2021?

Binance Coin seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of BNB in the past few months, BNB is considered a good investment in 2021.

Can Binance Coin (BNB) reach $1K?

Binance Coin (BNB) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Binance Coin (BNB) will hit $1K soon.

What will be the BNB price by 2022?

Binance Coin (BNB) price is expected to reach $900 by 2022.

What will be the BNB price by 2023?

Binance Coin (BNB) price is expected to reach $1,750 by 2023.

What will be the BNB price by 2024?

Binance Coin (BNB) price is expected to reach $2,450 by 2024.

What will be the BNB price by 2025?

Binance Coin (BNB) price is expected to reach $3,950 by 2025.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.