Binance Coin (BNB) Price Prediction: New Bullish Cycle

2022-10-28 20:40

Binance Coin (BNB) price has increased significantly since falling to a new yearly low in June. The recent triple-bottom pattern could confirm that a bullish reversal has begun.

BNB price has been falling since reaching an all-time high price of $692 in May 2021. In Nov. 2021, it created a slightly lower high and resumed its downward movement underneath a descending resistance line.

This decrease led to a yearly low of $183 in June 2022. Initially, it seemed that the decrease caused a breakdown below the $255 horizontal support area. However, the BNB price reversed the trend shortly afterward and reclaimed the area (red circle). In Aug, it managed to break out from the aforementioned descending resistance line.

Additionally, the weekly RSI has broken out from its bearish divergence trendline (green), increasing the validity of the breakout. But it is worth mentioning that the indicator has yet to move above 50. This would further confirm that a bullish reversal has begun.

If the upward movement continues, the closest long-term resistance area would be at $427. This is the 0.5 Fib retracement resistance level and a horizontal resistance area.

BNB/USDT Chart By TradingView

Binance Coin Price Prediction: Triple Bottom

Between Sept. 06 and Oct. 13, the Binance Coin price created a triple bottom pattern (green arrows). According to technical analysis, the triple bottom is regarded as a bullish pattern that usually leads to bullish trend reversals. Additionally, the final bottom created a very long lower wick, which is viewed as a sign of buying pressure.

However, the BNB price pattern is not confirmed yet. The reason for this is that the price is still following a descending resistance line, which acts as the pattern’s resistance. A breakout from it is required to confirm the pattern.

In that case, the next resistance area would be $336. This is a crucial horizontal level since it has previously acted as both support (green icons) and resistance (red icons). So, a breakout above it could significantly accelerate the rate of increase. It is entirely possible that a breakout will occur within the next 24 hours.

So far, the bullish Binance Coin price prediction from the daily timeframe is in line with bullish readings from the weekly timeframe.

BNB/USDT Chart By TradingView

Wave Count Supports Continuation of BNB Price Upward Movement

Measuring from March 2020, the most likely wave count suggests that the BNB price has begun the fifth and final wave of a bullish impulse (black). If correct, the upward movement would lead to a new all-time high. The first potential target is at $996, created by the 1.61 external Fib retracement of wave four.

Conversely, a decrease below the yearly low of $183 would invalidate the bullish wave count. In that case, due to the lack of support below the level, the rate of the decrease could accelerate and take the BNB price below $100.

BNB/USDT Chart By TradingView

For the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

The post Binance Coin (BNB) Price Prediction: New Bullish Cycle appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Coin(O) (CNO) на Currencies.ru

$ 0.0003323 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0003323 - H: $0.0003323
Капитализация $35.041k Rank 99999
Доступно / Всего 105.462m CNO

new binance price bullish coin bnb prediction

new binance → Результатов: 126


Venus: Binance Hopes To Entice New Stablecoin Suitors

Binance has unveiled a new stablecoin issuance platform that will allow governments and companies to develop and deploy their own asset-backed tokens, which can be pegged to any fiat currency. Dubbed ‘Venus,’ the new platform is an open blockchain project that provides the tools to create a stablecoin on Binance Chain, the native blockchain of […] The post Venus: Binance Hopes To Entice New Stablecoin Suitors appeared first on Crypto Briefing.

2019-8-20 18:42


Фото:

Binance Donates Alleged Multimillion Dollar Listing Fees To Charity In New Shake-Up

Cryptocurrency exchange Binance has appeared to end its controversial listing fee policy for new altcoins and plans to donate all funds received to charity.   Developers To ‘Propose’ New Fees In a blog post on October 8, Binance said the change would take effect “immediately” and would also see developer teams themselves select how much to “pay” to list their coin following approval.

2018-10-8 18:00


Binance Creates Blockchain Charity Foundation with Maltese President’s Trust

Binance is known for being one of the biggest cryptocurrency exchange in the industry, and they have partnered with the Maltese President’s Trust for a new innovation. Their new project is the Blockchain Charity Foundation, which is designed to “empower vulnerable communities and enhance transparency in charitable work.” Helen Hai signed the MOU for the […]

2018-7-26 09:32


Coinbase Or Binance: Which Crypto Trading Exchange Platform Is Right For You?

As a sign of a maturing asset class and a growing component of modern business, digital exchanges have begun populating the crypto arena. With new entrants emerging periodically and existing exchanges constantly streamlining their offerings, even seasoned investors might be at a loss to pinpoint the “best” exchange. Newcomers in particular are faced with a […]

2018-7-20 11:52


Binance is One-Year-Old, Celebrates by Announcing a Tiered Fee Discount Program

The cryptocurrency exchange giant Binance has announced a new loyalty program for its users. The news coincides with them reducing the BNB discount rate as per their white paper. Binance Reduce BNB Discounts, Introduce New Fee Structure Since their launch this time last year, Binance offered its users unique savings if they used their own.

2018-7-19 21:00


Фото:

Binance Introduces New Tiered Trading Fee Program and BNB Coin Discount Rates

Binance Introduces New Tiered Trading Fee Program and Makes Alterations to BNB Discount, As per its Whitepaper On July 19, 2018, Binance released a document detailing the changes made to its native token, BNB’s discount rate along with introducing what’s dubbed as the “Tiered Trading Fee Discount Program”. The team shared that they are on […]

2018-7-19 19:51