Binance Coin is ranked 3rd in the crypto market with a market capitalization of $107,540,627,820. Binance Coin can be used to pay and trade on the Binance cryptocurrency exchange. Users can get a discount on transaction fees on the Binance Exchange.
Binance coin reflects bullish momentum today. At the time of writing this analysis, the BNBUSDT is around 648. It has a powerful rise above the $500 and continues a good green rally in the last few weeks. Besides Bitcoin and Etheruem, it is also going to create a new all-time high.
The MACD for BNB is bullish; the blue line is far above the red line, reflecting that the Binance coin will continue its trend.
BNB is near its all-time high, so it broke the resistance of $500 on October 29, 2021. Generally, the last resistance level works as the initial support level after the breakthrough.
However, it has crossed a long way above the last resistance level. Now the initial support level can be $636. We expect Binance Coin will create a new ATH.
Bollinger Band supports the bullish trend. The last few candlesticks are far above the baseline and stay in the upper part of the Band. The Moving Average line is also following this uptrend.
The last four candlesticks are in the range of $636 – $660; that is why the price may consolidate in the short term.
On the weekly chart, it is bullish from the last week of October. We have found the sign of consolidation by analyzing the Bollinger Band.
However, on the weekly chart, MACD is bullish. It has no fundamental analysis or earning report, so it is tough to assume which way it will go. The crypto market rallies due to the BTC, ETH, and BNB.
Is it the right time to invest in BNB? It is a billion-dollar question. In the last few weeks, it has given a good return. Will it continue its bullish run? We have to wait for a couple of weeks to find the trend.
Indeed, it is a popular coin backed up by the world’s most popular crypto exchange platform Binance. Please wait for a downtrend.
From the weekly chart, we assume that we may see a pullback to the level of $560, which can be a good time to buy a few coins for the short term. If it breaks the level of $560, it may slip to the level of $504 again.
