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.
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).
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||77.2%||48||$49 813.00||-0.95%||-11.99%||$941 251 246 985|
|2||ETH||Ethereum predictions||81.2%||39||$4 391.95||1.59%||-2.72%||$521 163 421 423|
|3||BNB||Binance Coin predictions||82%||35||$605.40||5.72%||-2.08%||$100 981 494 949|
|4||USDT||Tether predictions||92.4%||1||$1.000938||0.02%||0%||$76 397 930 724|
|5||SOL||Solana predictions||68.4%||61||$191.63||1.67%||-15.25%||$58 896 286 697|
|6||ADA||Cardano predictions||62%||77||$1.38||0.73%||-10.09%||$46 053 468 779|
|7||USDC||USD Coin predictions||93.2%||2||$0.999918||0%||-0.08%||$41 010 560 847|
|8||XRP||XRP predictions||65.2%||65||$0.855956||5.04%||-11.91%||$40 441 604 421|
|9||LUNA||Terra predictions||63.6%||75||$75.93||12.09%||18.47%||$28 907 461 002|
|10||DOT||Polkadot predictions||63.6%||70||$29.14||-0.01%||-17.85%||$28 780 399 611|
|11||DOGE||Dogecoin predictions||67.6%||65||$0.178327||0.22%||-13.26%||$23 617 635 191|
|12||AVAX||Avalanche predictions||61.2%||77||$92.70||3.12%||-20.82%||$22 508 416 490|
|13||SHIB||SHIBA INU predictions||61.2%||79||$0.000037||-1.09%||-13.95%||$20 139 409 217|
|14||MATIC||Polygon predictions||66.8%||70||$2.35||2.82%||11.77%||$16 640 526 821|
|15||CRO||Crypto.com Chain predictions||63.6%||78||$0.609576||-0.56%||-14.38%||$15 399 729 736|
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