The Binance Coin remains solidly above $30, and it seems that it is already poised to seek out its previous all-time high.
Binance Coin, the seventh largest crypt currency in the ecosystem, is today behaving very positively, getting closer and closer to its previous historical maximum.
As of this writing, BNB is trading at $31.35, showing a slight gain of 1.31% in the last 24 hours.
If you are interested in knowing the near future of this currency, see below the technical analysis we have prepared.
Binance Coin’s previous all-time high may not be a relevant obstacle
On the monthly BNB vs. USDT chart we see a strong long term upward trend, which has kept it making continuous historical highs.
The previous high was reached in June 2019, then quickly the bulls lost control and a sharp reversal began, dropping to 83%.
Today after an excellent recovery from those lows, it seems quite likely that Binance Coin’s price will hit a new all time high in the near future.
The 8-month EMA and 18-month SMA moving averages recently crossed upwards, indicating a resumption of the long term upward trend.
From here we can predict a new high between $60 and $70, a move which will no doubt be driven by the positivity which is now being experienced in the crypto ecosystem in general.
Before we are left alone with this prediction, let’s see how the price behaves in other time frames.
With continuous resistance breaks, the medium-term trend is solidly upward, supported by the 8-week EMA and 18-week SMA moving averages.
The previous high in this trend should not be a major obstacle, nearing $32. On the other hand, the supply zone that exists nearing $39.59, Binance Coin’s previous all-time high, may hold back the price a bit, but it will probably not go beyond a small search for demand to continue upward.
We are about to witness the breakdown of the immediate resistance, a situation where generally sharp movements are observed. And it is more likely to happen when we see volatility as low as the BNB has shown over the past few weeks.
It is likely that we will see a record high in a matter of hours, after the bulls manage to pick up enough demand to resume the trend in the medium term.
To conclude this technical analysis from Binance Coin, let’s review the daily candlestick chart.
From here we can see a short term upward trend that is currently challenging a resistance at $31.25, and will likely be broken in the next few hours.
The 8-day EMA and 18-day SMA moving averages are crossing higher, and functioning as dynamic supports as the trend manufactures new highs.
The 200-day SMA is also bullish at the moment, supporting the strong gains of BNB over the past few months.
Daily Binance coin vs Tether chart. Source: TradingView.
Daily Binance Coin vs. Tether chart. Source: TradingView.
Everything is lined up for us to see a very good continuation of the Binance Coin bullish trend in the coming days; and as I said, surely that previous historical high is not a relevant barrier for the bulls. What do you think? Let us know your opinion in the comments!
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