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The Binance coin price has been bullish as of late, with the market cap of the coin continuing to climb to new heights. Just how high can the market cap of BNB get? This is difficult to predict, but there is a chance the market cap of BNB could reach the $1 billion mark by the end of the year.
Binance Coin (BNB/USDT) has seen a slight drop on Wednesday after a rapid run over the past 24 hours. However, it is still above the $600 mark which is a significant increase over the $500 price only a few days ago. As a result, there is a lot of speculation going on on whether BNB can continue its bullish run further and hit the $700 mark and beyond.
Summary of the situation
Binance coin prices are expected to move sideways at current levels.
The closest support level is at $600.
BNB is facing resistance at $630.
Binance Coin’s price has crossed the $560 mark and continued bullish momentum has led the price to challenge the $608 mark. Over the past seven days, BNB’s share price has risen more than 19.7%, indicating continued upward momentum. However, the strong upward movement is giving way to volatile price movements.
The broad crypto-currency market was bullish over the past 24 hours, with most major crypto-currencies posting gains throughout the time frame. The top performers were XRP and DOT, which rose 14.36% and 4.04% respectively. However, some currencies such as Ethereum, ADA and Solana are suffering losses.
Technical indicators for NBB/USDT
Technical indicators for NBB/USD by Tradingview
As for the technical indicators, the MACD shows a decline in bullish momentum. Although the histogram is still green at the time of writing, it has narrowed considerably, with the indicator at 18.5. Although the 12-EMA is still above the 26-EMA, there is little difference between the two and they could show a reversal at any time.
The RSI is currently in neutral territory, just above the 64.00 mark, and giving no signals. Last week the indicator was in the neutral zone. Currently, the RSI has made a jump into overbought territory, suggesting that buyers are offering resistance.
The Bollinger Bands are currently wide and with the bulls showing signs of activity in the last few hours, the Bollinger Bands will widen in the near term. Currently, the indicator shows high volatility in the Binancecoin price in the short term, and with the Binancecoin price moving closer to the upper boundary of the midpoint, this indicates further expansion.
Overall, the technical analysis on the 4-hour chart gives a buy signal. 16 out of 26 leading technical indicators point to an upward movement. On the other hand, only three indicators are giving sell signals, indicating a bearish pullback. Meanwhile, seven indicators remain on the sidelines, not supporting either side of the market.
The 24-hour technical analysis shares this view and also gives a buy signal: 14 out of 26 indicators point to a bullish price movement for Binance Coin, and only four indicators point to a bearish pullback. Meanwhile, eight indicators remain neutral and give no signal at the time of writing.
What can we expect from the Binance coin price?
4-hour price chart from Tradingview
The price of Binance Coin has broken through key resistance at $600. Therefore, the price movement must establish a support zone at this level if the upward movement is to continue. Although technical analysis and technical indicators remain bullish in the near term, some indicators suggest that price needs to consolidate above the $600 level before continuing its upward movement.
Traders should therefore expect a sideways move below the $650.00 level for some time before the price rises further towards the $700.00 level.
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Binance Coin (BNB) is the cryptocurrency of the Binance cryptocurrency exchange. Binance was founded by Changpeng Zhao (CZ) in 2017. In the last few weeks, Binance has experienced exponential growth in terms of daily users, leading to a significant increase of the Binance Coin (BNB) price – from around $10.00 USD per BNB to $11.50 USD. According to CoinMarketCap.com, Binance now ranks second in terms of trading volume (more than $1.2 billion in trading volume in the last 24 hours). As a newcomer to the cryptocurrency scene, Binance Coin (BNB) is one of the most exciting projects out there. It has a huge potential to become a major player in the long term. The main reason is that Binance is the most popular cryptocurrency exchange. It already attracted more than 8 million users, and it’s still growing. Binance is a digital currency exchange that’s based in China. It’s one of the fastest-growing exchanges in the world, with a trading volume around $1 billion per day.
What is the future of BNB coin?
It is very well known that the BNB coin is the official token of the Binance exchange, which is one of the gaming industry’s most rapidly expanding cryptocurrency trading platforms. It’s also the coin that you can use on the platform to enjoy a 50% discount on all trading fees – a pretty attractive offer. What can you do with the BNB coin? Why is it important? What will the future hold for this token? Binance coin (BNB) is one of the most talked about coins in the cryptocurrency space. Binance is the largest exchange for cryptocurrencies right now and it offers BNB as a discount on trading fees. BNB’s value has gone from a penny to over $18 in the past year, but in all honesty, it’s hard to tell what the future holds for this coin. One thing is for sure, BNB’s value is currently propped up by its discount on trading fees. Once BNB’s discount on trading fees is removed, its value could plummet quickly.
Is Binance a good investment 2021?
Binance is one of the largest cryptocurrency exchanges online. It boasts a trading volume of over $1.5 billion per day and has been making headlines as one of the fastest growing businesses in the blockchain space. While Binance is the world’s largest cryptocurrency exchange, it has a relatively low profile and a very small social media following. As such, it’s impossible to ascertain whether the exchange is a good investment. Binance is a cryptocurrency exchange based in Malta. It is ranked 6th in terms of daily trading volume. Binance is a relatively new exchange, but has quickly made a mark in the digital currency industry. The exchange is most known for its high-quality interface and user-friendly trading experience. Binance offers a wide range of digital currencies to trade and is popular for its low trading fees. In our Binance review, we will cover all of the important aspects of the platform in detail, including the fees, supported pairs, security, supported countries, deposit methods, and more.