Price Analysis

Binance Coin On Verge of Explosion ! Will BNB Price Hit $700 Level This Week !

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Binance Coin, which has fallen to fourth place, ist trying to gear up and march towards the $500 mark. Binance Coin is presently trading at $454 up 4.2 percent and has a market capitalization of $77.

The BNB coin resumed its bullish trend by producing a morning star candle formation at the $387 support after a minor pullback. This bullish candle pattern has taken the coin back to a key resistance level of $430, which has now become a critical support level.

As the bulls continue to steer the cryptocurrency’s market behaviour, the Binance Coin price has broken above the $450 critical milestone. BNB finds good support between $420 and $430, which helps to support the asset’s upward trend towards $500. 

Overall, the 4-hour technical analysis offers a buy signal at the current price level, indicating bullish strength. The analysis shows that 13 of the 26 important technical indicators are in favour of the Binance Coin price rising. 

The RSI is currently trading towards the neutral zone’s edge. The indicator is now hovering around the 65 index level, indicating that the Binance Coin market is strongly bullish.

BNB is on the verge of a price explosion, according to popular analyst Justin Bennet. In this regard, he emphasised the importance of paying attention to the key level. 

He believes BNB is poised to break higher at any time. I’m keeping an eye on it to see if it can close above $428 on a daily basis. That would open the door to $480 and $530,” he explained. Altcoins are about to take off according to him.

Scott Melker is also ultra bullish for BNB as he is targeting the $700 resistance level.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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