James Atkins
Editor
Editor
The price of Binance Coin (BNB) has been the same for the last week. It has not moved much, but there are still prospects for growth if it can break through two major barriers. Here are the key points:
There’s a good chance Binance will surpass $450 soon which would be a huge accomplishment for BNB bulls. After all, the currency has been suppressed for weeks now.
The price of bitcoin has been untethered, as it continues to make strong gains. On the other hand, there were brief periods when the rate fell below $300. However, there appears to be a road to $450, but two major hurdles must be overcome.
The first of these is the $336 region. Binance coin bulls pushed against this level yesterday but were unable to close past it. The second is at $358. A break and close past this will be a very bullish sign indeed.
At the moment, BNB is trading sideways just below $350. It looks like there isn’t enough steam to push BNB higher just yet.
The good news is that BNB’s position looks quite good. It has found support at $335 and the Relative Strength Index (RSI) is not oversold.
Over the past few days, Binance Coin has been one of the best-performing cryptocurrencies. BNB hit a high of $394 on June 20th but has since been stuck in a consolidation phase.
Binance Coin is presently 10% away from that level. If there is a more powerful upward movement in the market tomorrow, the coin may close the week at above $336.
Nonetheless, the next barrier will be a significant one. To succeed, BNB must reclaim $358 and hold it there.
We predict that Bitcoin Diamond will test $336 before continuing to fall. Instead of reaching $358, we believe the coin will most likely test $336 and then decline to $310.
There is also potential for more bad news. If the price continues to be stagnant and fails to establish a rally towards $336, BNB might drop down to $286.
A move to $286 would be dramatic but not unprecedented. Binance Coin had a similar price drop in early September 2020.
At that time, the market was going through a period of consolidation after Bitcoin’s halving event. Binance Coin may well be facing a similar situation now.
The Binance Coin price is currently stagnant, trading at around $336. This is well below the all-time high of $487, reached in late May 2021.
The Coin has been one of the best-performing cryptocurrencies over the past year, but it seems to have lost momentum in recent weeks.
Yes, the first thing to do is analyze price momentum in the next two days. If BNB remains stagnant between $308 and $318 over the following two days, don’t purchase it.
However, if Binance Coin starts to move up towards $350 with some volume, that would be a good sign.
In this case, we would recommend buying BNB at $350 with a stop-loss order placed at $325. Our target price would be $450, which would represent a gain of around 30%.
However, if there is a clear break above $320, it is likely the coin will hit $336. After $336, downside risks increase exponentially, so you better exit early.
It is important to note that Binance Coin is a highly volatile cryptocurrency, and price predictions are never 100% accurate. Therefore, you need to do a thorough research.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
