Binance Coin (BNB) has been on a strong rally for over a week and today it broke above $600. The cryptocurrency is now ranked as the third-largest based on market capitalization and is already the first among all other currencies in 2019.
Binance Coin is one of the most speculated about cryptos. Gain insight into where it’s going next with this report.
Is it too late to invest in BNB?
A push higher is expected, and the all-time high at $692 remains the only obstacle before price discovery resumes. Binance Coin has been rising for over a week, and today it broke above $600.
Key Support level: $516
Key Resistance level: $600; 692
Discover the future price predictions for this week and next week for Binance Coin.
#1 prediction: $618.00 – $632.00
#2 prediction: $607.00 – $611.00
#3 prediction: $594.00 – $596.00
A rally of over 10% today lifted BNB above the $5000 level before the bears pushed it down to the $550 level. BNB’s momentum remains very strong, and the possibility of testing the all-time high at $692 is increasing every day.
Following a break through the blue pennant, which was successfully tested as support, BNB is expected to be a top performer in this bull market.
Technical Indicators of SHIB Price
Trading Volume: This rally has been sustained by strong volume, and there are no signs of weakness yet. BNB might be able to keep rising before any significant pullback.
RSI: On the daily timeframe, the RSI just broke above 70 points. There is still plenty of room for the price to move higher. Once the RSI reaches 80 points, it will be time to become cautious since this is an area where the price has reversed in the past.
MACD: There is strong bullish momentum on the MACD moving averages and histogram. The daily timeframe provides a bullish signal. The 4-hour timeframe also shows strong bullish momentum, showing BNB’s strong rally.
The Current Bias Is Bullish
By market cap, BNB is the third-largest cryptocurrency, just behind Ethereum, and it is supported by the world’s largest cryptocurrency exchange. A bullish market will benefit BNB, and its price can demonstrate that.
The All-Time High Is Only About 15% Away
Although the resistance at $600 may delay the push higher for a while, it seems unlikely to last too long. The momentum clearly favors the bulls, and testing the all-time high is less than 15% away.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
