Binance Coin, the seventh largest cryptocurrency in the ecosystem, is now behaving very positively, getting closer and closer to its previous all-time high.
At the time of writing, BNB is trading at $ 31.35, posting a slight gain of 1.31% in the last 24 hours.
If you are interested in knowing the near future of this coin, see below the technical analysis that we have prepared.
Binance Coin’s previous all-time high may not be a relevant hurdle
On the monthly BNB vs. USDT sees a strong long-term uptrend, which has kept it making continuous all-time highs.
The previous maximum was reached in June 2019, then the bulls quickly lost control and a strong retracement began, falling as much as 83%.
Today after an excellent recovery after hitting those lows, it seems quite likely to see the price of Binance Coin marking a new all-time high in the near future.
The 8-month EMA and 18-month SMA moving averages recently crossed to the upside, indicating the resumption of the long-term uptrend.
From here we can forecast a new high between $ 60 and $ 70, a movement that will undoubtedly be driven by the positivism that is currently being experienced in the crypto ecosystem in general.
Before we get to just this prediction, let’s see how the price behaves in other time frames.
Since the weekly time frame the behavior is repeated, the bulls have full control of the current situation.
With continued resistance breaks, the medium-term trend is solidly bullish, supported by the moving averages 8 EMA and 18 week SMA.
The previous high of this trend should not be a major obstacle, close to $ 32. On the other hand, the supply zone that exists near $ 39.59, the previous historical maximum of Binance Coin, it can slow down the price a bit, but it will probably not go beyond a small search for demand to continue rising.
We are about to witness the break of immediate resistance, a situation in which sudden movements are generally observed. And it’s more likely to happen when we see volatility as low as BNB has shown over the past few weeks.
We are likely to see the all-time high hit within hours, after the bulls manage to pick up enough demand to resume the medium-term trend.
Short term trend
To finish with this technical analysis of Binance Coin, let’s review the chart with daily candles.
From here a short-term uptrend is observed that is currently challenging resistance at $ 31.25, and which will likely be broken in the next few hours.
The moving averages 8 EMA and 18 day SMA are crossed to the upside, and functioning as dynamic supports as the trend makes new highs.
The 200-day SMA is also currently bullish, supporting BNB’s strong gains in recent months.
Everything is lined up for us to see a very good bullish continuation of Binance Coin in the coming days; And as I mentioned, surely that previous all-time high is not a relevant barrier for bulls. What do you think? Let us know your opinion in the comments!
All our publications are informative in nature, so in no case should they be followed as investment advice.