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Binance (BNB) Price Analysis: On-chain Data Shows Rise In Demand for the BNB Coin, Will BNB Outperform BTC?

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Why Is Binance Coin (BNB) Price Surging? Among many reasons recent 1 billion USD fund for project development of DApps on the Binance Smart Chain [BSC] is one major catalyst fueling the BNB price. 

The crypto data tracking service, Santiment spotted an increase in demand for BNB on wallets with BNB whales acquiring roughly 412K BNB in recent weeks. The move shows that big money remains bullish on the BNB coin in the face of regulations.

The BNB burn protocol is another interesting bullish catalyst for the BNB token price as the bulls hold on to their positions in wait for this event.

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A dive into the price chart should also give us further insights into significant patterns and technical drivers of the BNB price.

Binance (BNB) Weekly Chart Analysis

Both bearish and bullish divergence price vs. oscillator patterns keeps the BNB price hovering within the $680 resistance and $211.70 support. 

The recent bear trap candlestick pattern on 20 September prepares a bullish tone for a price increase beyond the $509.90 resistance and heading to the $680.00 ATH.

The RSI [4] couldn’t reach level-25, which therefore represents a bullish outlook for the BNB price.

A breakout above the $680 resistance could see the BNB price rising into four-figure price zones for the first time.

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Binance (BNB) Daily Chart Analysis

Following a collapse of hidden bullish divergence trend lines on 07 September ‘21, the BNBUSDT price slumped by roughly 23%, then quickly reversed to the upside by an opposing regular bullish divergence on 28 September ’21.

The bulls have re-established control as the RSI enters the overbought area for the second time at press time.

Meanwhile, an impending bearish divergence setup is projected around the $518.90 resistance. On the other hand, a surge in bullish momentum may see the RSI shooting beyond the 85-level, therefore, nullifying the anticipated reversal pattern.

Binance (BNB) 4HR Chart Analysis

The 4HR time frame follows a similar price dynamics as the daily time frame with an opposing regular bullish divergence on 12 October ’21 at 08:00. This led to a parabolic upswing for the BNB price and soaring above the 07 October 12:00 resistance [$446.60].

Raging bulls could use the old $446.60 resistance as new support, which is a possible upward scenario for the BNB price. A prolonged correction phase could see the price dropping to the $424.00 support.

Binance (BNB) Intraday Levels

  • Spot rate: 468.4
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $392.20, $424.0, and $446.60
  • Resistance: $473.0 and $518.90

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Binance Coin

Binance Coin Forecast December 3, 2021

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BNB/USD are traded at 617.13 and continue to move as part of the correction and the formation of the ”Wedge” model. Moving averages indicate a short-term bearish trend for Binance Coin. Prices broke down the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop the growth in the value of a digital asset and a test of the resistance level near the 620.05 area. Where can we expect a rebound again and the continuation of the fall in the Binance Coin rate with a potential target below the level of 520.05.

Binance Coin Forecast December 3, 2021

In favor of reducing the BNB/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the Wedge reversal pattern. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the 685.05 area. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 735.05. With the breakdown of the support area and closing of quotations below the level of 605.05, we should expect confirmation of the development of a downward impulse on Binance Coin and the start of the ”Wedge” model.

Binance Coin Forecast December 3, 2021

Binance Coin Forecast December 3, 2021 implies an attempt to correct and test the resistance area near 620.05. Where can we expect a rebound and the continuation of the fall in BNB/USD to the area below the level of 520.05. An additional signal in favor of reducing the Binance Coin coin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 685.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 735.05.

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Binance Price Analysis: The BNB Traders Could Expect A Significant Rally If The Coin Price Reclaims The $670 Resistance

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The BNB coin presents an overall uptrend in its technical chart. This coin has recently obtained good support from the $510 mark, and now it aims to breach the All-Time High resistance of the $670 mark. The crypto traders could wait for the price to give a decisive breakout from this level to expect a strong directional rally.

Key technical points:

  • The BNB coin obtains dynamic support from the 50-day EMA line
  • The daily RSI chart shows a striking drop concerning the coin’s price action
  • The intraday trading volume in the BNB coin is $3.01 Billion, indicating a 36.1% gain

TradingView ChartSource- BNB/USD chart by Tradingview

The BNB coin indicated an excellent opportunity for crypto traders when the price breached its previous swing high resistance of $520 on October 29th. The coin started rallying and retested the ATH resistance of $670 only to face strong resistance from this level.

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Thus, the rally entered a correction phase, which dropped the price back to the $520 mark, this time to obtain proper support from it. The coin displays sufficient support from this level in order to resume this uptrend.

The exponential moving average(EMAs) confirms a bullish trend in the BNB coin, as its price is trading above the 20, 50, 100, and 200 EMA lines. Moreover, The Relative Strength Index(74) displays a significant drop in its RSI line, which must have stabilized the coin to continue its rally.

BNB/USD Chart In The 4-hour Time Frame

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TradingView ChartSource- BNB/USD chart by Tradingview

This lower time frame chart shows a steady rally in the BNB coin. Moreover, the coin price seems to be respecting the level of an ascending trendline leading this uptrend since late September. 

Thus, crypto traders can use this support trendline to find good long entry opportunities. However, this will also serve as a great early signal if the price starts moving otherwise.

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Binance Coin price analysis: BNB recovers to $575, eyes the $600 resistance level next

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Binance Coin price analysis suggests return to $600
The closest support level lies at $560
BNB faces resistance at the $580 mark
The Binance Coin price analysis shows that the buyers defended the $560 support level causing the markets to observe a bullish takeover for BNB. At press time, BNB has recovered to the $573.00 mark with the bullish momentum rising in recent hours

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include ICP and VET recording a 5.42 and 4.36 percent decline respectively.

Binance Coin price analysis: BNB 

Binance Coin price analysis: BNB recovers to $575, eyes the $600 resistance level next 1

Across the technical indicators, the MACD is currently bullish as it has just expressed a bearish crossover observed in the color change of the indicator. The indicator had previously climbed to the bullish territory on 19 November, where it stayed till today. However, as the indicator has just exhibited a crossover, the momentum is low, and the indicator may turn bullish again if BNB is able to climb above the $580 mark.

The EMAs are currently trading close to the mean position as the Binance Coin price analysis shows a stagnating price action across the mid-term charts with little net movement through November. Currently, the two EMAs are both moving horizontally as BNB oscillates around the $570 mark.

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The RSI is currently trading in the neutral region, hanging close to the mean position highlighting the lack of momentum on both sides of the market. The indicator trades at 47.56, showing a slight bearish bias across the short-term charts. 

The Bollinger Bands are currently narrow as they converged around the $580.00 mark across the last 24-hours. The indicator’s bottom line at $565 provides a support level for the price action, while the mean line at $582.00 presents a resistance level to the bulls. If the bulls are able to break above, the next resistance level lies at the $600 mark. 

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a sell signal as 13 of the 26 major technical indicators support the bears across the timeframe. On the other hand, three of the indicators support the bulls showing little to no buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time. 

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The 24-hour Binance Coin price analysis accentuates this sentiment and issues a sell signal with 10 of the indicators supporting the sellers against only six indicators suggesting an upwards movement. The analysis shows strong bearish dominance across the mid-term charts. At the same time, ten of the indicators do not support either side of the market and stay neutral.

What to expect from the Binance Coin price analysis?

Binance Coin price analysis: BNB recovers to $575, eyes the $600 resistance level next 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that BNB has been stuck in limbo around the $580.00 price level. Despite making attempts at breaking above and below the level, neither side of the market has been able to initiate a rally at the level. However, as the bulls gain momentum across the short-term charts, the price may start rising again. 

Currently, traders should expect the price to observe a bullish breakthrough towards the $600 mark as the short-term technical indicators suggest a bullish takeover across the markets. While the mid-term technical analyses are bearish, it is because they are yet to react to the recent price movements.

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