The crypto market maintains a short-term bullish tilt. Binance coin is benefiting from this, and to find out where it may be heading, it then carried out an analysis of this cryptocurrency.
At the time of this writing BNB is trading at $ 321.47, accumulating a loss of 3.36% in the last 24 hours.
The loss of the last hours goes hand in hand with a generalized correction after a significant jump to the upside.
As the bulls have been regaining control, the news has turned more bullish. This goes hand in hand with a recovery in market sentiment, moving out of the extreme fear zone to neutral.
CZ, CEO of Binance, recently indicated that the Binance Smart Chain (BSC) handled more than 10 million transactions on July 30 alone. Meanwhile, during that same date Ethereum moved almost 10 times less transaction volume, 1.2 million to be exact.
The chain’s usability goes hand in hand with fairly low operating costs, which favor those who engage in the growing DeFi space.
This will undoubtedly benefit the price of BNB, since this cryptocurrency works as the main vehicle within the BSC.
In addition, Changpeng Zhao is quite optimistic about the future. Recently a user asked if the BSC was prepared to handle 20 million users, to which CZ replied that he is not an expert, but he thinks we will know very soon.
There is no doubt that we are facing one of the most promising cryptocurrencies. Solidly occupying position 3 in the market ranking, it is quite likely to see the price of this crypto rise if the rally continues.
Binance Coin Technical Analysis: Daily Chart
Today from the BNB daily chart we see a very good scenario. Thanks to the break of various resistances, now the trend has turned bullish in the short term.
The fast moving averages, identified by the color blue and red in the chart below, crossed higher following the new trend.
The 200-day slow moving average was also recovered, which may be heralding the resumption of the larger trend.
Currently the price of Binance Coin is making a pullback, after having encountered resistance at $ 333.
The correction may extend a little further. Either way now the odds have tilted towards buyers.
Even the price of BNB is trying to turn bullish in the medium term, after that trend was in trouble for several months.
However, the continued inability to mark lower lows, coupled with a strong rejection of the support near $ 260, tells us that the correction has most likely bottomed out already.
After conducting this analysis of the Binance coin weekly time frame, we noticed that the resistance that must be crossed to confirm a resumption of the previous direction is at $ 428.
However, the early signals that we are seeing are a good start, which can even be taken advantage of by those who trust this project and want to accumulate more coins.
Crossing $ 428 will open the way to purchases up to $ 680. It is even quite possible that all-time highs will come later.
To think about sales, the support at $ 260 must be lost, which would open the way to sales up to $ 211 as a minimum. At the moment, this is not the most likely scenario.
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