Bitcoin
BTC$23 413.14

-1.75%

Ethereum
ETH$1 845.31

-2.60%

Tether
USDT$1.000076

0%

USD Coin
USDC$1.000023

0.03%

Binance Coin
BNB$307.60

-2.68%

XRP
XRP$0.375266

-0.85%

Binance Coin (BNB): All-Time High by the End of the Year?


October 2020

Recently, we saw some controversial news related to Binance popping up. On the one hand, the organization ceaselessly develops its infrastructure and even got involved in the space of decentralized finance by launching the DeFi staking platform. But on the other hand, traders hear about the lawsuit filed against Binance by Fisco, the US-based cryptocurrency exchange, in the North California jurisdiction.

In a nutshell, the plaintiffs are accusing Binance of having very relaxed KYC requirements, which makes the exchange platform a fertile ground for money laundering. It remains to be seen whether this lawsuit would have a devastating effect on Binance, like the one that BitMEX and its founder Arthur Hayes suffered lately after being accused of money laundering by the US authorities.

BNB keeps pushing higher


The situation on the historical chart clearly tells us that BNB is doing well, regardless of all economic and legal turmoil, as it has been staying in the uptrend since its emergence in 2017.

BNB all-time chart

Therefore, Binance Coin has a strong safety net, so to speak, and might allow itself to drop below $20 or even $15 without endangering the structure of the macro uptrend. It has only 31% to go before reaching the all-time high at $39.45, and the price has already approached the $30 area this year, but given the worsening situation around the COVID-19 pandemic (the anticipation of the second lockdown that could make both crypto and traditional markets capitulate once again) and the uncertainties with regard to the outcome of presidential elections in the US, as well as the second stimulus package from the Federal Reserve to keep the financial markets afloat.

All these factors will surely exert a significant impact on the price of Binance Coin, and the rest of cryptocurrencies, possibly hampering its bullish progress. Besides, autumn is becoming a dull season for crypto, meaning that it could take months for BNB to overcome that 31% barrier and establish a new ATH. Plus, let’s not forget about the lawsuit as it could also throw some grit in the bearings.

On the weekly time frame, we see that Binance Coin is staying high above the 50-period exponential moving average, thus giving the price action a nice bullish bias.

1-week BNB/USDT chart

Also, BNB has been very respectful of the Fibonacci retracement levels, having used 0.5 as resistance before a major breakout to 0.786, which coincides with $32.5. Now, as the price was rejected at both 0.0786 and 0.618 ($27), we expect Binance Coin to retrace to $23 within the framework of the bullish flag pattern, or travel southward to the 50 EMA and use it as support before another upswing.

MACD here is very bullish, moving decisively towards 4, showcasing the strength of bullish momentum and the upward direction of the trend. Therefore, traders should use the possible retracement either to $23 or $20 as an opportunity to go long on BNB or add to the existing position as the exchange coin is likely to surpass the ATH in the coming months or at the beginning of 2021.

Author: Alex Paulson for Crypto-Rating.com

Related

Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin is Nearing the End of the Bull Rally
Binance Coin is Nearing the End of the Bull Rally
Binance Coin: Consolidating and Being Indecisive
Binance Coin: Consolidating and Being Indecisive

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 13 $23 413.14 -1.75% -4.18% $447 764 695 466 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.4% 57 $1 845.31 -2.60% -1.73% $225 145 169 054 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000076 0% -0.03% $67 571 079 284 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000023 0.03% 0% $53 165 653 780 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 66% 64 $307.60 -2.68% -6.84% $49 626 608 205 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 89.2% 10 $0.375266 -0.85% -1.33% $18 529 753 729 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 79.6% 30 $0.539617 -3.37% 0.14% $18 311 373 252 ADA 7 days price change
8 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000284 0.07% 0.03% $18 290 625 677 BUSD 7 days price change
9 Solana (SOL) SOL Solana predictions 82.4% 33 $40.93 -5.16% -7.86% $14 278 599 462 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 80.4% 28 $0.081309 -3.94% 13.97% $10 787 373 078 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 66.8% 67 $0.058800 -4.07% -5.94% $10 196 581 754 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72.4% 54 $8.49 -3.98% -9.51% $9 404 789 562 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.8% 45 $0.000015 -5.46% 20.74% $8 193 283 954 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 66.8% 63 $25.90 -5.15% -12.32% $7 381 113 738 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.