Description
TL;DR Breakdown Binance Coin price analysis is bullish today. The billion-dollar blockchain announcement catches interest from traders. The BNB/USD found support at $443. Resistance is present at $480. The Binance coin price analysis is strongly bullish today, as the news of launching a 1 billion dollars fund for the Binance smart chain ecosystem is doing … Read more
TL;DR Breakdown
- Binance Coin price analysis is bullish today.
- The billion-dollar blockchain announcement catches interest from traders.
- The BNB/USD found support at $443.
- Resistance is present at $480.
The Binance coin price analysis is strongly bullish today, as the news of launching a 1 billion dollars fund for the Binance smart chain ecosystem is doing wonders. The fund is the biggest among all ecosystems at this time. An increase in price has been observed again today; though the price went down at the start of the past week, the last three days proved worthwhile for the coin as the price reached $465. Next, resistance for BNB/USD is present at $443, followed by the resistance of $496, which is the level from where BNB/USD flash crashed on 7th September, and a downside was observed thereon for nearly a month. Price started improving from 29th September which continues till today.
BNB/USD 1-day price chart: Bulls cover upwards range marking 13 percent gains
The 1-day price chart for Binance coin price analysis shows a good improvement in price today as bulls covered the losses of the past week, even surpassing them, and took the price of BNB/USD from $443 to $465 at the time of writing. BNB/USD has gained a good value of around 13 percent during the last 24 hours and has gained around seven percent value over the course of the last seven days. Trading volume is also up by 156 percent resulting in a market dominance of 3.35 percent.
The volatility is increasing for the crypto pair as the Bollinger bands show expansion from 27 September, but from 11th October, more divergence could be seen on the upper band. The price is trading near the upper band, which represents resistance at $483, whereas the mean average of the Bollinger bands at $403 represents support for the BNB/USD.
The relative strength index (RSI) is on an upwards curve towards the overbought zone but is currently present at index 63 in the upper half of the neutral zone. The indicator is still in the neutral range but gives a clear indication of increased buying activity.
Binance Coin price analysis: Recent developments and further technical indications
The 4-hour price chart for Binance coin price analysis shows price has been continuously on the increase for the past few hours, but selling pressure can come in any time as the price has been increasing for the past 17 hours, and traders might start to book some profits at this point.
The volatility has increased by a big margin as the Bollinger bands show vast expansion on the 4-hour charts. After narrowing down on 11th October, the Bollinger bands formed a narrow channel as the price fluctuation was minimal during that time, but the indicator started expanding yesterday, and today the ends show divergence at steep angles as price increments are substantial. The RSI has also touched the overbought zone as it is present at index 70 on the border of the overbought and neutral zone, but the steep curve of the indicator has flattened down, which indicates a slow down in buying currently.
The short and the mid-term moving averages (MA) and the exponential moving averages (EMA) both are on the bullish side, along with the MACD and the momentum oscillators. Overall, 17 technical indications are on the bullish side and none for the bearish side, whereas nine technical indications are neutral and don’t favor any side of the market, out of a total of 26 technical indications available.
Binance Coin price analysis: Conclusion
The Binance coin price analysis and technical indications all support the bullish momentum. As the short-term and the mid-term indications all support the upwards price movement, it is safe to conclude that the price may keep improving for the coming days as the fund announcement from the Binance founder Changpeng Zhao will keep the traders motivated. The speculations for BNB/USD to reach $460 have already been met; how further will BNB rise? We can expect it to continue upside for the coming hours.
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