Binance Coin Shooting for Moon After Range Breakout, Suggests Analyst – BeInCrypto

HTC, the electronics company and smartphone developer based in Taiwan, announced that the new special edition of its smartphone, EXODUS 1, will provide support to both the Binance exchange and its token, Binance Coin (BNB). Therefore, users will have direct access to the Binance exchange from their phones.

The exchange has recently gained a more significant share of the market. In 2019, it has been by far the largest beneficiary of BTC transfers from exchange to exchange. Binance took a total of 544,675 BTC from other exchanges. Out of this amount, 259,722 BTC were taken from the HUOBI exchange, often considered its biggest competitor.

The Binance coin price has been trading inside a range between $19-21 since October 25. While it is likely to break out from this area, we believe the upside is limited to $25.

Cryptocurrency trader @SmartContracter stated that once the price breaks out from this range, “Moon” is the likely target.

At the time of writing, the BNB price had begun a move above this perceived range.

Let’s analyze its market outlook and see where it is headed.

Current Pattern

The BNB price reached a low slightly below $15 at the end of September/beginning of October, before beginning the current upward move.

The current price represents an increase of roughly 45% from those levels.

The price is trading inside an ascending channel/wedge, aiming to reach the resistance area at $23.

Binance Coin Daily

Upward Trend

Looking at the daily chart, the BNB price is in the process of moving above the 100-day moving average (MA), which has previously made a bearish cross with the longer-term 200-day MA.

The 200-day MA is currently at $25, slightly above the $23 resistance area. Therefore, we believe that until the price moves above this MA, we cannot consider BNB to be in an uptrend.

However, it looks likely to reach the minor resistance area at $23.

Binance Coin Channel

Binance Coin Channel


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of TradingView, Twitter.


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