- Binance price analysis is bearish today.
- BNB/USD gained around 35 percent overnight.
- Resistance at $445 is currently tested.
Binance‘s price analysis is negative today, as we witnessed a large increase during the day, pushing through $445 as the next significant barrier. We expect bulls to run out of steam later today, resulting in a retracement.
Binance (Binance) had a fascinating price hike yesterday, ascending more than 35 percent overnight to reach a high at $445. This price has been retracted at writing, and we see strong support at $423.
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Binance price movement in the last 24 hours: Binance rises to $457
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the selloff is more likely to continue than reverse. Price also appears to be finding support at the broken channel top and the 100 SMA dynamic inflection point, as well as another shorter-term downside 1.414 Fibonacci Extension level (drawn in red) around $423.
BNB/USD technical analysis: RSI and Stochastic both pointed skyward earlier after finding their footing above the oversold region but are now topping out and ticking lower to reflect a return in selling momentum. Binance is testing for resistance for the third time in the last three weeks at $445. BNB/USD is trying to claw its way above this level, but sellers look to be in control for now. I expect a retracement later today when the bears return and finish off their short-term correction before going higher again tomorrow.
Bearish momentum seems to have returned, and Binance is now trending lower. Price is testing the $430 support, which aligns with a short-term bearish 1.414 Fibonacci Extension level (drawn in red) and the middle of the channel closer to $443.
BNB/USD 4-hour chart: Binance starts to retrace?
We can see resistance for additional gains on the 4-hour chart as Binance price action begins to retreat below $420.
BNB/USD, 4-hour chart Analysis Binance finds resistance at $445 currently. Binance finds resistance at $445 currently. While the most likely path is to the downside, for now, both indicators are signaling that a bullish momentum reversal could happen pretty soon. The 100 SMA is above the longer-term 200 SMA, but the gap is narrowing to indicate a downward crossover. Stochastic has reached overbought conditions to reflect exhaustion among buyers right now, while RSI didn’t even hit 70 yet to showroom for further gains. The most likely path is to the downside for now as the price finds resistance at $445 currently.
After a modest retreat late yesterday, a powerful surge high began today, pushing Binance price action up more than 35 percent and establishing a solid new high just below $460. Bulls are now likely exhausted. Therefore we anticipate seeing retracements over the next 24 hours.
Binance Price Analysis: Conclusion
A price analysis of Binance is bearish today, as we anticipate a retracement following a very strong move higher over the previous hours. As a result, BNB/USD should be subjected to downward pressure over the next 24 hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Binance Coin Price An Inch Away From Its ATH, Will BNB Price Hit $1K By EOY
After a slight flip from the bearish divergence, for a couple of days, the market appears to have fallen into the same well. Most of the altcoins including the dominant crypto Bitcoin are slumping down, yet trying hard to jump above $58K. However, after BTC & ETH, the 3rd largest crypto Binance coin is making a very drastic move without any noise and may hit its previous ATH well before both of them.
BNB price always preferred to be low-key with massive volatility so that the asset diminishes the distance to the ATH. The asset was still attempting hard to recover the losses incurred from May, yet the September drain dragged the asset below $350. However, without wasting much time, the Binance coin initiated with a strong upward trajectory to ignite a bull run towards its ATH.
BNB Price Analysis
Considering the recent moves made by the asset, one of the popular analysts believes the price to hit $750- $850 in the short-term. However, the potential target still remains around $1000 as predicted ever since the beginning of the bull run during the first half of 2021.
The upward trajectory can be clearly seen in the chart mentioned by the analyst ever since the trend flipped at the beginning of Q4. In an attempt to smash the ATH, the BNB price got rejected multiple times around $660. Yet sustained much above the 200-day MA and the uptrend line. And hence after a minute retest, the price may break through the newly formed resistance levels close to $660.
With a strong pierce through these levels, new ATH beyond $700 may be quite possible. Moreover, maintaining the current pace, the BNB price may also achieve the targets close to $800. And hence the yearly target for Binance Coin price still remains intact at $1000 and the possibilities of achieving appear to be more compared to BTC price or ETH price.
Top Crypto Analyst Says Ethereum-Based DeFi Protocol Primed for Breakout As Binance Coin Targets New Record High
A popular crypto analyst is detailing a set of new predictions for two large-cap crypto assets.
The trader, pseudonymously known as Smart Contracter, tells his 184,000 Twitter followers that Binance Coin (BNB) will likely hit a new all-time high (ATH) well before Bitcoin (BTC) surges above its current record high of $69,044.
“BNB [is] going to send to new ATH from here, probably going to hit it long before BTC does.”
Binance Coin, which is the native crypto asset of the Binance ecosystem, hit its current record high of around $687 in May of 2021 and is trading at $636 at time of writing.
The trader is also bullish on the core crypto asset of the Ethereum-based decentralized finance protocol Curve DAO Token (CRV).
Smart Contracter says that when paired against Bitcoin, CRV appears primed to break out from a 400-day range.
“400-day CRV breakout on the BTC pair underway. I’m ready for the fireworks.”
CRV is trading at 0.00009613 BTC ($5.65) at the time of writing.
Smart Contracter says that the DeFi token is likely on the verge of surging on the Bitcoin chart after an accumulation phase that had lasted over 365 days.
“CRV daily bull flag breakout on the BTC pair plus 12 month+ accumulation. Valhalla awaits.”
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Floki Inu ($FLOKI) Community Uses Petition to Request Binance Listing
The community behind the meme-inspired cryptocurrency Floki Inu ($FLOKI) has started a petition asking leading cryptocurrency trading platform Binance for a listing on it. Getting listed on such an exchange would significantly improve the cryptocurrency’s liquidity.
Through a petition created on Change.org that has already gathered over 14,000 signatures, the cryptocurrency’s community has pointed out that in just four months, $FLOKI is one of the top 70 cryptocurrencies by market capitalization, with a market cap of $2.6 billion.
The petition adds that the cryptocurrency has grown to have over 310,000 holders and a trading volume of over $280 million, despite not being listed on any major centralized exchange like Coinbase or Binance.
Notably, the cryptocurrency’s rival meme-inspired crypto Shiba Inu ($SHIB), has been listed on Binance, Coinbase, Huobi, KuCoin, Bitfinex, and other major cryptocurrency trading platforms. SHIB has, however, resorted to a petition to be listed on another exchange, the commission-free trading platform Robinhood. That petition has garnered over 500,000 signatures.
In its petition, Floki mentioned its “super aggressive marketing campaigns worldwide” which it claims is helping it become a “more recognized cryptocurrency compared to many cryptocurrencies in the top 10 [by market capitalization].”
As reported, FLOKI’s price surged last month after it launched a campaign on London’s public transport system with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.
That campaign triggered a cryptocurrency ad crackdown that saw London’s transport authority, Transport for London, reveal concerns about the ads as these were promoting a little-known, unregulated financial asset that they claim could be open to manipulation such as pump-and-dump schemes. Floki Inu’s team hit back, saying the crackdown was “an attack against cryptocurrency and against the people’s freedom of choice.”
Notably, the Floki Inu community has also created a petition to get listed on the Nasdaq-listed cryptocurrency trading platform Coinbase. That petition has been signed by over 30,000 users at press time.