In Binance Coin Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about BNB to analyze the future movement of the cryptocurrency.
Binance is one of the leading crypto exchanges globally, aside from being so, it has launched an ecosystem for its users. More so, the Binance network includes the Binance Chain, Academy, Trusted Wallet, and Research projects, which all employ the blockchain technology powers to bring new-age finance to the world. In addition, Binance Coin is an integral part of the successful working of many of the Binance sub-projects.
Binance Coin (BNB) Current Market Status
According to CoinGecko, the BNB price is trading at $387.35 with a 24-hour trading volume of $3,774,014,814, at the time of writing. However, BNB has decreased by 2.3% in the last 24 hours.
Moreover, BNB has a circulating supply of 154,533,651 BNB. Currently, BNB trades in Binance, CoinTiger, FTX, BitZ, and Hotcoin Global.
Binance Coin Technical Analysis 2021
The recent development and upgrades might push Binance Coin (BNB) to reach new heights. Now, let’s deep dive into the Binance coin technical analysis 2021. The weekly time frame chart with two views of the pattern of Binance Coin (BNB) is shown below.
Wyckoff states that every cause in the market will lead to a proportional effect. However, this can be explained using accumulation and distribution phases. More so, accumulation indicates Markup and price increases. Notably, the price increases when the token breaks the accumulation resistance. On the other hand, distribution leads to Markdown and the price decreases. For instance, the price falls when the token breaks the support.
As per the chart above, the chart signal starts with the accumulation phase which could also be said as lower price buy level. Then the signal enters the distribution phase. At this level, the price maintains its position in a particular range. Moreover, in this phase, if it breaks the high level, it indicates bullish days ahead. In contrast, if it breaks the low level then it indicates bearish. Then again the signal enters the mark down phase. It enters into the accumulation phase once again. In addition, a strong volume buildup has been observed from June 01, 2021.
Binance Coin (BNB) RSI, MACD, and MA
The below chart shows the Moving Average Convergence/Divergence (MACD) of BNB. Notably, the MACD (blue) stays just above the signal indicator (orange line) making a bullish crossover. This means that cryptocurrency traders can still expect more bullish days ahead.
In contrast, if the MACD begins to move below the signal indicator and performs a bearish crossover. Then the crypto has a high possibility of reaching new lows.
Now let’s look at the relative strength index (RSI) of BNB. As shown in the chart above, the RSI remains at level 46. This shows that BNB’s price is in a neither overbought nor oversold state. However, this gives confidence for the traders to trade without any fear.
BNB’s Moving Average (MA) and Exponential Moving Average (EMA) is shown in the chart below. Moreover, MA is a part of technical analysis that helps traders to recognize trends. While EMA is a type of moving average.
From the beginning of 2021, it is clear that the BNB price has shown many bullish patterns. Furthermore, taking all these into account, BNB could have a competitive market in 2021.
Conclusion
With the ongoing developments and upgrades that are taking place within the BNB platform. The cryptocurrency BNB has a fantastic future ahead in this crypto market. However, it is possible to see BNB reaching new heights.
Bullish Binance coin price prediction 2021 is $590. As said above, it may reach great heights, however reaching $1000, if investors have decided that BNB is a good investment in 2021.
FAQ
Binance is one of the leading crypto exchanges globally, aside from being so, it has launched an ecosystem for its users. Its native coin is BNB.
BNB is listed on many crypto exchanges that include Binance, CoinTiger, FTX, BitZ, and Hotcoin Global. In which the crypto is available to be traded against fiat currencies, stablecoins, and other cryptos.
With the ongoing developments and upgrades within the BNB platform, it has the high possibility of reaching its ATH soon.
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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