BNB Price Potentially Goes to the Moon After Range Breakout
The world’s largest cryptocurrency exchange Binance has recently gained a more significant share of the market. The exchange took a total of 544,675 BTC from other exchanges, of which 259,722 BTC was taken from the HUOBI exchange, often considered its biggest competitor.
Moreover, Taiwan-based electronics company and smartphone developer HTC announced that a special new version of the EXODUS 1 smartphone will support both Binance exchange and its token, Binance Coin (BNB).
The above positive news has pushed BNB price to grow significantly over the past few weeks, pump to over $ 20 after recent price declines. However, it has been limited to a range between $ 19-21 since October 25. Despite the possibility to break out of this area, we believe the uptrend is facing strong resistance at $ 25.
Trader Benjamin Blunts claims that once the price breaks out of this range, ‘Moon’ is a potential target.
And also according to the trader, it seems that BNB has just activated shoot for moon.
At the time of writing, the price of BNB has begun to move above this cognitive range.
The recent performance of BNB has created an optimistic sentiment, which is positioning the market for an upward rally. Meanwhile, the 7th largest cryptocurrency is currently retracing for the next bull run.
BNB price analysis
BNB price reached a low of less than $ 15 at the end of September/early October, before beginning the current uptrend move.
The current price represents a 45% increase from those levels.
The price is trading inside an ascending channel/wedge, aiming to reach the overhead resistance at $ 23.
Looking at the hourly chart, Binance Coin is trading above $20 – a price level that was broken a few days ago. At the moment, BNB is under bearish pressure, although buying pressure is expected to continue in the next couple of hours. Going back to late September low on the daily chart, we can see that the BNB trend has completely reversed.
BNB price is moving on its 100-day moving average (MA), which has previously made a bearish cross with the long-term MA 200. The MA 200 is currently at $ 25, slightly higher than the overhead resistance of $ 23. Therefore, we believe that until the price rises above this MA, we cannot consider BNB in an uptrend.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.