Binance Coin Price Prediction 2021 – Will BNB Hit $700 Soon?

Binance Coin Price Prediction 2021 - Will BNB Hit $700 Soon?
  • Bullish BNB price prediction ranges from $320 to $690.
  • The BNB price might also reach $700.
  • BNB bearish market price prediction for 2021 is $145.

In BNB price prediction 2021, we use statistics, price patterns, ADX, and much other information about BNB to analyze the future movement of the cryptocurrency. 

Binance coin is the native token of Binance exchange and trades with the symbol BNB. This coin is limited to a maximum of 200 million BNB tokens and runs on the Ethereum blockchain using standard ERC 20.

Binance was founded in 2017 as a utility token for discounted trading fees, but its applications have since expanded to include payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.

Current Market Status of Binance Coin (BNB)

According to Coingecko, the price of Binance coin is $269.69 with a 24-hour trading volume of $2,214,191,985 at the time of writing. However, BNB dropped to 3.86% in the last 24 hours.

Moreover, BNB has a circulating supply of 153,432,897 BNB coins. Currently, BNB trades in cryptocurrency exchanges such as Binance, Hotcoin Global, CoinTiger, FTX and BitZ.

Binance Coin (BNB) Price Prediction 2021

Binance (BNB) holds the 4th position on CoinGecko right now. BNB price prediction 2021 explained below with a daily time frame. 

BNB/USDT Descending Triangle Pattern (Source: TradingView)

The descending triangle is most commonly seen during downtrends and is often interpreted as a bearish signal. The descending triangle pattern is the inverse of the ascending triangle pattern. The two lows on the above chart form the triangle’s lower flat line and, once again, must be close in price action rather than identical.

The formation of the descending triangle takes the same amount of time as the formation of the ascending triangle, and volume plays an important role in the breakout to the downside once again.

Currently,BNB is waving at its lowest triangle point at $269.69. After this, BNB would continue to follow the descending triangle pattern where the price will fall. If the trend reverses, then the price of BNB may soar to $689.

Binance Coin (BNB) Support and Resistance Level

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

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

From the above chart, it is observed that the following are the resistance and support levels of BNB.

  • Resistance Level 1 – $320
  • Resistance Level 2 – $390
  • Resistance Level 3 – $480
  • Resistance Level 4 – $690
  • Support Level 1 – $220
  • Support Level 2 – $185
  • Support Level 3 – $145

The chart depicts the bearish performance of BNB over the previous month. However, BNB will continue with a bearish signal for a short-term. On the contrary, if the trend reversed then BNB might rise to $690 presenting a bullish signal.

Binance (BNB) Average Directional Index (ADX)

Let us now look at BNB’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

BNB/USDT ADX (Source:TradingView)

The above chart represents the ADX of BNB lies in the range at 36.64, so it indicates a strong trend.

Conclusion

The BNB is one of the cryptos which is great for long-term investment. In addition, BNB price prediction is bearish for a short-term. It has a good chance of reaching $690 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the BNB ecosystem, the performance of BNB would rise reaching $690 very soon. But, it might also reach $700 if the investors believe that BNB is a good investment in 2021.

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

A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.