Binance Coin Price Forecast: BNB Keeps Pumping Above $400

Daily Binance Coin BNB Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Binance Coin uptrend intact within the confines of an ascending parallel channel.
    • BNB market share soars past $60 billion as bulls eye new record high toward $450.
    • Binance Coin must close the day above $420 to validated the uptrend and avert a correction to $400.

    Binance Coin has settled above $400 after rallying over 88% in less than two weeks. The exchange-based token also hit levels above $420, but the uptrend fizzled out at $423. At the time of writing, BNB dodders at $417 as bulls fight to overcome the immediate resistance in preparation for the ultimate upswing to $450.

    Binance Coin Market Share Expands

    According to CoinGecko, Binance Coin has a nearly $64 billion market capitalization. The token comes third after Ethereum, with a market cap of $239 billion. BNB is one of the best-performing cryptocurrencies in the market amid the bull run that commenced toward the end of 2020.

    Meanwhile, Binance Coin is pivotal at the ascending channel's middle boundary. Securing support above this level would allow bulls to shift the focus to $430 and $450, respectively. Moreover, a daily close above $420 may validate the uptrend.

    BNB/USD Four-Hour Chart

    It is worth mentioning that the Relative Strength Index (RSI) has bounced from the midline and is almost hitting the overbought region. Action in this area may call for more buy orders as speculation rises for an uplift to highs close to $450.

    The Moving Average Convergence Divergence (MACD) daily on the daily chart emphasizes the bullish outlook after expanding the signal line's divergence. This indicator presented a signal to buy Binance Coin toward the end of March and has sustained a bullish impulse ever since. If the technical levels remain intact, Binance Coin may be primed for a gradual spike to $450.

    BNB/USD Daily Chart

    Looking at the Other Side of the Fence

    It is worth mentioning that closing the day under the channel's middle edge support may increase overhead pressure. Simultaneously, not breaking above $420 could see speculation reduce. On the downside, support must be established at $420 to avert potential retracement to the 50 Simple Moving Average (SMA) as highlighted at $360 on the four-hour chart.

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