- Binance Coin in a sideways pattern for over a week.
- Buyers look ready to attack the upper band of the range trade.
- A pop higher could mean a jump of 34% in the coming month.
Binance Coin (BNB) has been trading in a sideways pattern since the jump higher on August 23. During that day, price action broke $452 and tested $521. Since then, Binance Coin is range-trading between those two levels, a range that has been well-respected.
Buyers have spotted the solid entry-level at $452 on August 31. BNB is in the third consecutive day of gains and looks to test $521. If that level broke either on Thursday or Friday, it would open up some considerable upside potential.
Binance Coin buyers are in for a treat if they can break above $521
Breaking $521 to the upside would mean that Binance Coin sellers are getting pushed out of their position and buyers have seized complete control of the price action. To the upside, the monthly R1 resistance level at $554 will be the first pause in the trade before moving further upwards. The next level for profit-taking will be R2 resistance at $645. After that, the ultimate level will be $700 for buyers to fully close their long positions.
BNB/USD daily chart
Usually, the third time should be a charm, and it should be enough to break that $521 level. However, if sellers can overload buyers’ demand, expect a dip lower, back again towards $452, the lower band of the range. BNB might then be stuck in this range for another few weeks until the orange ascending trend line comes into the mix, and becomes an additional force, making it a bullish triangle.
Further down, sellers will be looking at the monthly pivot at $425 as profit level for their shorts. But even then, the bullish trend still looks alive, with the orange ascending trend line as the backbone of the rally since August 21.
As an additional incentive, in favor of the buyers, the 55-day Simple Moving Average (SMA) and the 200-day SMA are on the verge of crossing each other. Another leg up in price action would form a golden cross and attract more sentiment buyers in Binance Coin.
BTC, ADA, BNB and DOT Price Analysis for September 25
Can altcoins retain their power against Bitcoin (BTC) in the mid-term scenario?
The weekend has begun with the bounceback of the cryptocurrency market as all of the top 10 coins are again in the green zone.
Bitcoin (BTC) has risen by 3.32% over the past 24 hours.
Despite the bounceback, Bitcoin (BTC) has not yet come back to the bullish zone as the chief crypto has not fixed above the resistance zone of $48,500.
However, if sellers keep pushing the price deeper, the drop may continue to the zone of the most liquidity around $37,000.
Bitcoin is trading at $42,591 at press time.
Cardano (ADA) is the biggest gainer from the list today as the price has rocketed by 10%.
Cardano (ADA) has successfully bounced back to the support at $2.104 and is now trying to recover the lost positions. At the moment, the more likely scenario is accumulation in the range of $2.30-$2.50 so that bulls can get more power to get back to the resistance at $2.80.
ADA is trading at $2.380 at press time.
Binance Coin (BNB) has gained less than Cardano (ADA), with a growth of 3.85%.
Despite the rise, Binance Coin (BNB) is located near the support zone, which means that bulls have not seized the initiative thus far. If the breakout happens, there may be a sharp fall to the next vital level at $240.
BNB is trading at $352 at press time.
Polkadot (DOT) is trying to keep up with the rise of Biance Coin (BNB), as the growth has constituted 6.23%.
Despite the rise, Polkadot (DOT) is trading below the vital $35 level. At the moment, neither buyers nor sellers are dominating, which means sideways trading is likely to continue within the next few days.
DOT is trading at $30.60 at press time.
Binance Coin Price Analysis: BNB retests $440 resistance, a retracement to follow?
- Binance Coin price analysis is bearish for today.
- BNB/USD could not breach the $440 resistance today.
- Binance Coin starts to head lower.
Binance Coin price analysis is bearish today as the market struggled to break past the $440 resistance. As BNB/USD has formed a consolidation below the $440 resistance, we expect the market to retrace over the next 24 hours and set a higher low.
The cryptocurrency market traded slightly in the red over the last 24 hours. The market leader, Bitcoin, is down by 1.11 percent, while Ethereum is down by 3.17 percent. Meanwhile, Avalanche (AVAX) is the best performer, with a gain of 22 percent.
Binance Coin price movement in the last 24 hours: Binance Coin consolidates below $440 resistance
BNB/USD traded in a range of $422.54 – $436.42, indicating low volatility over the last 24 hours. Trading volume has decreased by 6.24 percent and totals $1.75 billion, while the total market cap trades around $71.22 billion, ranking the coin in 4th place overall.
BNB/USD 4-hour chart: BNB set to retrace?
On the 4-hour chart,
Binance Coin price action has seen a reduction of volatility over the past days compared to what we saw last week. After peaking below the $510 mark, BNB/USD saw a rapid decline of more than 25 percent, with support, found around $375-$390 area.
From there, Binance Coin traded in a relatively low range, retesting $440 previous support as resistance last Friday. From there, BNB slowly retraced to $390, where support was found on Monday.
What followed was a substantial advance yesterday, with the $440 resistance retested again. Since then, the Binance Coin price has consolidated below the resistance, indicating further downside to follow later this week.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish for today as consolidation was formed below the $440 resistance, and bears started to gain momentum. Therefore, we expect BNB/USD to retrace further and look to set another higher low.
While waiting for Binance Coin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.
Popular Analysts Set Targets For These Altcoins. Are These Achievable, If Yes Then When?
While Altcoins are on the move, the expectations from these coins have raised bars. Popular analyst bets on Litecoin price, Binance coin price, and Polygon(MATIC) price amongst others to achieve his set targets in near future. Let us understand how and when it will be possible for these coins to achieve their targets.
Litecoin, according to the analyst, is expected to hit the $550 price mark, the coin is hovering around $216.4 price point, and the trading volume for the past 24 hours has gained by 69.43%, at press time.
It has got the potential to achieve its said target, The coin is expected to be updated with the Mimble Wimble Extension Blocks (MWEB). The MWEB is set to be the largest update to LTC. It promises increased fungibility while improving LTC’s scalability, other perks include user security and a bigger and faster network.
The MWEB upgrade has the potential to enhance user experience and LTC’s use case as a mode of payment, which was the initial goal of the network. The update could launch by year-end. If things fall into place, LTC will hit the $550 mark.
Binance coin is another popular coin in the crypto space,with price $495.94 at press time. Predictions of it achieving a 3-digit gain to hit $1k seems achievable, tracing its movements.
From the charts, it is evident that the coin has seen a healthy consolidation, after a bullish run. BNB price has witnessed an ATH of around $686 in the month of May 2021.
However, the coin is now showing signs of recovery, hinting for the next leg up. Consequently, the coin will have to surpass a resistance at $532, and another at $613, to achieve its ATH of $700. Post this ATH, the $1000 mark is achievable.
Polygon could hit the $5 mark, the coin is priced at $1.62 at the time of writing. MATIC offers the best of Ethereum, and Sovereign blockchains. It provides ETH compatibility, scalability, security, sovereignty, interoperability, and modularity amongst others.
Polygon’s website, displays that it supports two major types of Ethereum-compatible blockchain networks, which are stand-alone networks and networks that leverage security as a service.
In the case of security as a service, it can be provided either by Ethereum directly, or by a pool of professional validators. Secured chains offer a high level of security, with the tradeoff of sacrificing a portion of independence and flexibility. While Polygon PoS and zk Rollups are live, Optimistic Rollups, and Validity chains are in the pipeline.
Stand-alone chains are fully in charge of their own security, that is they have their own proof of validators. The implementations of application-specific chains and industry chains are in the pipeline. MATIC offers promising solutions to existing problems, however, a price surge to $5, seems to unfold in the longer run.
Summing up, the Altcoins mentioned are capable of rising the market charts. The question still remains unanswered of when the coins will hit the targets? The targets can be achieved in the bull cycle, provided the situation prevails. However, some coins like Doge despite their fundamental strengths tend to surge because of market sentiments.
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