Despite being associated with one of the largest cryptocurrency exchanges, the Binance Coin’s price has struggled throughout the year, and it is just in the past few weeks that it has started to recover. Today, it is up by less than a percentage point. However, the bullish trend is a resumption of a long-term trend that has lasted for the past few weeks.
Since its launch, Binance Coin has continued to be one of the largest cryptocurrencies in the world. It is the fifth largest cryptocurrency, with a market capitalization of $52.6 billion. It also has one of the largest daily trading volumes. For instance, despite dropping its trading volume by 26 per cent in the past 24 hours, it still managed to record a volume of $1.29 billion.
Binance Coin Price Prediction
Binance Coin is up by less than a percentage point in today’s trading session. The bullish move is extending a long-term trend which started on June 19 and which has seen BNB price surge by 70 per cent.
Looking at the chart below, the Binance coin price recently touched the $332 resistance level and failed to break to the upside. Instead, the prices have traded in a sideways market for the past five trading sessions, including yesterday, when the prices hit the resistance level and failed to break to the upside and instead dropped by 1.5 per cent.
Today, with prices resuming the long-term bullish move, I expect the prices to hit the $332 resistance level. I also expect the prices to break out of the resistance level to the upside in the next few trading sessions, with a possible price level of $350 being hit.
However, should the prices drop below this week’s price low of $312, my analysis will be invalidated. It will also signal a high likelihood of the prices moving downwards.