Bitcoin
BTC$69 231.75

1.60%

Ethereum
ETH$2 482.33

2.04%

Tether
USDT$0.999372

-0.04%

Binance Coin
BNB$562.78

0.65%

Solana
SOL$164.12

1.47%

USD Coin
USDC$0.999976

-0.01%

Binance Coin (BNB) Stumbles Near This Year's High


August 2020

Considering the rate at which the majority of top altcoins have been increasing in value over the past couple of months, the performance of Binance Coin (BNB) has been relatively disappointing. While the neighboring digital currencies, such as Chainlink (LINK) and Cardano (ADA), have been making monstrous strides to the upside, BNB remained modest in its gains, which is evident from the table below.

BNB performance table

But despite the fact that so far, Binance Coin has been participating in the present bull rally rather passively, it already finds itself priced at $21.82, and in close proximity to this year's high at $26. BNB still remains the top exchange coin that is backed by the continuously developing infrastructure and ecosystem that will do great in the long run. Right now, however, traders should avoid extrapolating the success of coins from the DeFi space onto Binance Coin, which appears to be moving at its own pace.

1-year BNB chart

We haven't seen any significant price swings since the price began recovering after the last market crisis. So far, we are witnessing smooth progress on the part of BNB that affords for comfortable trading inside the rising channel.

A yearly high or a correction - what awaits Binance Coin?


The weekly BNB chart reveals that the advance of the bulls was stopped at the level of $24 and rejected to $21.79, which is a worrying sign for traders who opened a long position, hoping that the price will go for a new yearly high right away.

1-week BNB/USDT chart

At this point, it is still unclear whether these developments would entail a correction, since BNB has failed to overcome the resistance at $24, or would they turn out to be a natural stage of development of the bullish flag pattern. On the one hand, BNB didn't compromise the rising channel's borders, so this rejection could be the natural stage of the uptrend progression. But on the other hand, we see a substantial drop in trading volume, compared to the previous upswing-retracement cycle, which suggests that the buyers are less eager to stock up on BNB now, while the sellers are stealing the initiative. Besides, the bears have successfully defended the level at $24 that might considerably cool off the bullish sentiment.

All in all, BNB finds itself in a precarious situation because further retracement might be perceived by some traders as the commencement of correction and force them to sell, thus expediting the price fall. These traders should keep in mind that Binance Coin respects the ascending channel, so the retracement even to $20 has to be deemed as the natural progression of the trend.   

Important price levels to watch: $21.25, $20 (the predicted bottom of retracement), $18.39 (falling below it would cancel the bullish agenda), $28 (the predicted new yearly high and the tough resistance level).

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): All-Time High by the End of the Year?
Binance Coin (BNB): All-Time High by the End of the Year?
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 79.6% 37 $69 231.75 1.60% 2.24% $1 369 223 812 156 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 88% 20 $2 482.33 2.04% -0.18% $298 909 735 594 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999372 -0.04% 0.07% $120 501 057 766 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 93.6% 4 $562.78 0.65% -4.19% $81 096 018 227 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 67.6% 62 $164.12 1.47% -6.25% $77 288 900 790 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999976 -0.01% 0.02% $34 886 501 757 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 94.4% 6 $0.506893 1.26% -1.42% $28 826 350 614 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 62.4% 75 $0.153303 2.77% 5.49% $22 481 047 264 DOGE 7 days price change
9 TRON (TRX) TRX TRON predictions 92% 3 $0.165325 0.75% 1.01% $14 292 626 759 TRX 7 days price change
10 Toncoin (TON) TON Toncoin predictions 87.2% 14 $4.89 2.66% -1.59% $12 429 996 239 TON 7 days price change
11 Cardano (ADA) ADA Cardano predictions 89.6% 9 $0.335565 -0.86% -0.40% $11 743 102 557 ADA 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 95.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 91.6% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 84.4% 29 $0.000017 1.41% -0.09% $10 050 009 086 SHIB 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.

© 2015-2024 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.