Binance Coin Targeting $700 levels: BNB Price Analysis

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Binance Coin (BNB) continues to hold a strong position in the cryptocurrency market, backed by the Binance exchange ecosystem.

Recent shifts in macroeconomic conditions, like Chinaโ€™s economic stimulus, have boosted BNB and other major assets.

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BNB Crypto Price Analysis

  • Current Price: Around $590โ€“$600
  • Market Cap: Approximately $98 billion
  • 24-hour Trading Volume: $800 million
  • Circulating Supply: 153.86 million BNB
  • Total Supply: 200 million BNB
Bnb Crypto Price Analysis
Img src- Altfins

We wait for a breakout from the Ascending Triangle (above $600 resistance) to signal uptrend resumption to the next resistance of $720 for a +20% potential gain. Triangle is starting to close in, reaching a pinnacle, which suggests that a breakout is approaching.

Weekly Price Analysis

BNB’s performance in October has largely aligned with broader crypto trends. The price experienced an uptick after Binanceโ€™s Bohr Hard Fork.

Trend: Short-term trend is Neutral, Medium-term trend is Strong Up, Long-term trend is Strong Up.

Momentum:ย Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $500.00, then $450.00. Nearest Resistance Zone is $600.00, then $720.00.

Technical Indicators

  • SMA & EMA: Daily SMAs reflect mixed signals, with the 50-day SMA at $576 showing a โ€œsellโ€ signal, while the 100-day SMA at $556 indicates โ€œbuy.โ€ The 200-day SMA, slightly lower at $569, is also a โ€œbuyโ€ signal.
  • Volatility & RSI: With volatility at 5.44% and a Relative Strength Index (RSI) around 61.55, BNB leans toward overbought territory.
  • Fear & Greed Index: At 70, the market is in โ€œgreedyโ€ territory.

News Roundup

  • Positive Developments: The Bohr Hard Fork has bolstered BNB’s operational efficiency.
  • Market Challenges: Binance has seen a reduction in its market share in the spot trading sector, now at 39.5%, down from 52.5% last year, mainly due to regulatory scrutiny.
  • Community Engagement: Binance founder Changpeng Zhao, after recent legal issues, has announced investments in educational initiatives and new tech ventures.

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Harsh Panghal
Harsh Panghal

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