Month after month, the Binance organization and its ever-present CEO Changpeng Zhao unfailingly prove that Binance is probably the most dynamically developing ecosystem for cryptocurrency traders and entrepreneurs, the fact that finds its reflection in the price action of Binance Coin (BNB).
The past three months, however, weren’t particularly fruitful for the most popular exchange cryptocurrency that has already entered the top 10 ranks after receiving a boost of its market capitalization that now stands at $2,7 billion, only $130 million away from that of Litecoin (LTC), arguably the most disappointing cryptocurrency of this year.
BNB, on the other hand, enjoyed a moderate growth of 16.7% against USD over the past 30 days, and 16.5% improvement against BTC, although its yearly showings still remain in the red (-35% in the USD, and -32% in the BTC markets).
The chart below tells us that for the past three months, Binance Coin had been kept under the lid, but the buyers managed to push the price above that resistance at the tail end of June.
90-day BNB price chart
Such a positive price action on the part of Binance Coin was caused, in no small way, by the 12th burn of BNB token during which the company got rid of the record-breaking 3,4 million coins, which is the equivalent of $60,5 million, the biggest token burn in the history of this organization.
On the side note, Binance has recently partnered with CM-Equity, a well-known investment firm from Germany, to facilitate the provision of financial services upon the issuance of the physical Binance Card in Europe. We reckon that these factors, along with the ceaseless improvement of the exchange platform itself, will catalyze the further bullish price action.
As we already noted, Binance Coin has been gridlocked in the range between $15 and $18.3 since the beginning of April, having offered a lot of opportunities for scalping and trading in the range. But the recent events, described above, have given the bulls the much-needed incentive to push the price above the crucial macro resistance at the second attempt.
1-day BNB/USDT chart
The breakout wasn’t fully confirmed as the price is yet to test the newly-found support, but the overall context appears to be increasingly bullish. In order to provide that confirmation, Binance Coin needs to drive through the designated zone of frequent price interaction and entrench above $21.5, the previous lower high. Given that Bitcoin is also displaying the signs of revival, the entire cryptocurrency market would follow suit, hence allowing BNB to gain the 12% - 15% required to beat the said lower high.
Besides, the indicators are largely favorable to the exchange coin as none of them has fully trespassed the overbought territory, thus giving the space for the bulls to push the price higher.
The 14-period RSI has been neutral ever since the market crash, showing that the participants are still consolidating their positions. But now it stands at the waterline, aiming higher; therefore, the bulls will have another go at $21.5;
To summarize, we have to doubt that in Q3, traders will witness the further revival of Binance Coin, accompanied by the trip above $21, which could be followed by a bullish rally once Binance Cards become available in Europe.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||63.6%||74||$60 032.76||-2.11%||-1.50%||$1 131 802 049 382|
|2||ETH||Ethereum predictions||68.4%||59||$3 989.05||-3.01%||4.71%||$470 948 938 919|
|3||BNB||Binance Coin predictions||71.6%||62||$469.93||-2.46%||0.52%||$78 385 216 501|
|4||USDT||Tether predictions||93.2%||1||$1.000447||0.02%||0.09%||$69 605 178 895|
|5||ADA||Cardano predictions||86.8%||13||$2.10||-2.38%||-2.74%||$69 174 273 027|
|6||SOL||Solana predictions||70.4%||56||$187.59||-3.86%||17.09%||$56 455 905 240|
|7||XRP||XRP predictions||75.2%||49||$1.063738||-2.10%||-5.03%||$49 938 635 685|
|8||DOT||Polkadot predictions||61.6%||82||$41.55||-4.26%||-0.40%||$41 029 792 344|
|9||DOGE||Dogecoin predictions||72%||60||$0.261327||4.69%||10.43%||$34 450 251 548|
|10||USDC||USD Coin predictions||94.8%||1||$1.000452||0.01%||0.09%||$32 589 972 835|
|11||LUNA||Terra predictions||70%||61||$40.06||-6.21%||7.93%||$16 078 547 993|
|12||UNI||UniSwap predictions||78.4%||43||$25.49||-4.26%||-3.47%||$15 592 349 712|
|13||SHIB||SHIBA INU predictions||54.8%||92||$0.000038||12.93%||47.19%||$14 846 178 540|
|14||AVAX||Avalanche predictions||71.2%||61||$62.43||-4.16%||10.20%||$13 751 801 922|
|15||LINK||Chainlink predictions||74.8%||50||$29.06||-5.36%||8.54%||$13 396 474 820|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 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.