• Binance Coin Price Prediction: Strong Support Underpins the BNB Rally

  • Despite the fact that the Binance coin price has fallen below $500, significant support levels below the market imply that BNB will not go too much. After surging beyond $520 last week, BNB has taken a breather and is now trading at $477. Despite recent slowing, the Binance currency (BNB/USD) is still 64 percent higher than it was a month ago. Furthermore, BNB can afford another 17% decrease while preserving technical strength. Despite the fact that the Binance exchange is under investigation by regulators in a number of countries, its native coin, BNB, has surged in pace with the crypto market. This makes sense because higher prices increase market confidence, causing investors to increase their holdings. The discussion over whether Bitcoin (BTC/USD) or Ethereum (ETH/USD) will be the next big thing among cryptocurrency investors continues. The options are limitless, with thousands of different coins and tokens to choose from, which benefits the Binance coin price.

    Binance is the world’s largest cryptocurrency exchange, exchanging assets worth tens of billions of dollars every day. As a result, as long as the market as a whole stays strong, it makes little difference how particular assets perform against one another. And the bitcoin market is currently having its best performance since May. While BNB remains well below its all-time high of $704.62, the crypto market’s basic outlook has been bolstered by a restoration of investor confidence. As a result, the technical picture has significantly improved. According to the daily chart, the Binance coin price has been steadily rising over the last month. As a result, the trend line has increased to $398, which is just above the 50-day moving average of $397.63. When paired with the moving average, the trend presents a significant support level of $397.50. In addition, the June high of over $430 is the immediate support ahead of $397.63.

    The $522.70 high on Thursday is the first substantial resistance level above the market. If BNB can clear this, there isn’t much stopping it from attacking May’s ATH. Of course, BNB is unlikely to grow by 50% on its own. And in order for this to happen, the broader market must build on recent advances and push higher in the direction of a new crypto market record market value. The trend indicates that the upswing will continue as long as the Binance currency remains above $397.63, and over $430.00, the outlook is even brighter. Only a price drop below $397.63 will undermine the bullish forecast.

    What's your reaction?