The Binance exchange platform is now going through very challenging times due to the worldwide financial crisis that threatens to transform into a full-blown recession. As of the day of writing, the total trading volume across all exchanges has decreased by 18%, continuing the downslope that began from the very first day of March. The volume associated with Binance, though, has dropped even more - by 32% on a day, also signifying the looming liquidity crisis.
Obviously, Binance Coin couldn’t have circumvented these overwhelmingly negative occurrences as it has depreciated in value by 60% in a span of the previous week. There’s no need to reiterate the story of a colossal crypto market crash, which traders will remember forever, or, at least, until the next comparable recession harbinger, which would surely come someday after the one we are witnessing today.
BNB price action from last month
Now, traders have to learn to adapt to the current situation and elaborate on the strategy that would allow for the intense accumulation of BNB since now is probably the ripest time for supplementing portfolios with cheap coins of the highest grade, which surely includes Binance Coin. Of course, there is absolutely no guarantee that the market won’t go through another phase of nosediving - nothing can be certain in these turbulent days - but right now, it is consolidating around the price level of $9.9, eyeing the $12 target.
Following the massive crash, BNB has predictably entered the period of consolidation, which is still marked by the higher-than-usual volatility. After reaching this year’s low at $6.38, thus eliminating the gains of 2020, Binance Coin has recovered to $11. This price level also served as resistance back in December 2017, which preceded the secondary uptrend of January - July 2019.
This is not the reason to state that Binance Coin totally respects support/resistance levels - none of the cryptocurrencies does in the current situation, making the analytical work that much harder - but at least the coin displays some intentions of getting back in order, at least on shorter time frames. On the longer ones, however, the picture remains as mixed as it gets.
1-week BNB/USDT chart
In hindsight, we can see that the market had been showing many signs of the impending disaster, which the experienced traders must have anticipated.
Starting from February 17, when the price of BNB had smashed into the ceiling at $27.2, it began a gradual yet persistent decline, always opening below the previous week’s close, thus giving signs that the downtrend would only gain momentum. Binance Coin is at the crossroads in this particular time frame as this week’s candle has still opened lower, though the size of the lower shadows tells us that the bulls are trying to push back. However, last week, MACD performed a bearish crossover and is now moving downward, away from the zero-line, which is a clear sign of the continuation of the bearish trend. The next price depreciation might take BNB to $5, where it would have better chances of bottoming out.
4-hour BNB/USDT chart
The 4-hour time frame might provide a slightly better insight into what’s brewing within the BNB market. It turns out to be a sour mixture of indecision and fear as the coin has been trading sideways for quite a while, but the volatility remains off the charts because the present price corridor has formed between $8.4 and $11,2, which are 35% apart.
It appears that this range suits the market players who are lying low, at least before the US administration infuses the stock markets with hundreds of billions USD in another effort to stimulate the recovery. In that case, Binance Coin could make a short spurt to $12 - $12.5, but that would definitely not constitute a buy signal. Just try to lock some profits, set the stop-loss smartly, and sit tight or try to accumulate BNB, or any other coin to your liking.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 76% | 42 | $70 171.16 | -1.77% | 11.72% | $1 380 088 680 972 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 71.2% | 50 | $3 546.10 | -1.56% | 7.59% | $425 782 312 228 | ||
3 | USDT | Tether predictions | 94% | 1 | $1.000248 | 0.01% | 0.04% | $104 530 236 404 | ||
4 | BNB | Binance Coin predictions | 60% | 80 | $616.36 | 5.02% | 13.18% | $92 168 846 968 | ||
5 | SOL | Solana predictions | 58.8% | 88 | $189.14 | 0.16% | 12.08% | $84 055 265 074 | ||
6 | XRP | XRP predictions | 81.2% | 28 | $0.636919 | 2.07% | 5.16% | $34 956 800 668 | ||
7 | USDC | USD Coin predictions | 94% | 2 | $1.000145 | 0.01% | 0.02% | $32 526 874 714 | ||
8 | DOGE | Dogecoin predictions | 67.2% | 66 | $0.215397 | -1.69% | 47.30% | $30 945 208 500 | ||
9 | ADA | Cardano predictions | 65.6% | 66 | $0.665318 | 1.36% | 9.67% | $23 674 997 116 | ||
10 | AVAX | Avalanche predictions | 57.6% | 87 | $53.96 | -1.54% | 1.41% | $20 367 154 316 | ||
11 | SHIB | SHIBA INU predictions | 58.8% | 94 | $0.000031 | -3.69% | 18.78% | $18 204 426 308 | ||
12 | TON | Toncoin predictions | 58% | 86 | $5.13 | 1.21% | 22.84% | $17 789 214 110 | ||
13 | DOT | Polkadot predictions | 75.6% | 49 | $9.75 | 1.79% | 10.88% | $13 922 325 263 | ||
14 | BCH | Bitcoin Cash predictions | 72.8% | 57 | $614.40 | 8.07% | 54.65% | $12 093 090 262 | ||
15 | LINK | Chainlink predictions | 75.2% | 42 | $19.21 | -0.90% | 10.53% | $11 280 482 429 |
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.