Binance Coin Price Prediction October 2021: Will BNB Reach $500 in October?

BNB Technical Analysis – October 2021

Monthly Analysis

Over the last 30 days, BNB decreased by 37%. Being in a downtrend, BNB traders were reluctant to buy BNB until it eventually reached support at $320 and the trend reversed. The price of BNB has been bullish after that. It has increased by around 37%.

Weekly Analysis 

In the last 7 days, BNB has been bullish. Nonetheless, the price was stopped at $438, which also was a resistance structure previously for BNB. Despite the recent pullback, BNB is bullish in the coming days.

Binance Coin Price Analysis October 2021: Will BNB Reach $500 Again?

Daily Analysis

In the intraday chart, BNB has been highly volatile and suggesting bullish tendencies for BNB traders. Upcoming hours might see BNB retest resistance at $438 again.

Binance Coin Price Analysis October 2021: Will BNB Reach $500 Again?

Key Structures

Support

  • $410

Resistance

  • $438

Indicators

Moving Average

The 20-day moving average is below the price, indicating that the trend is upward and that the price could increase. The MA line could act as support in the coming days.

The 9-day EMA is also above the price, indicating that the momentum is bullish and that the price could keep increasing in the short run.

Relative Strength Index

The RSI of a daily chart is above 50, meaning that the momentum is bullish. It is yet to approach the overbought region, meaning that the price has more room for growth in the coming days. The same can be said about a 4-hour chart, but it was recently over 70 and overbought, hence the recent pullback was anticipated.

MACD

The MACD line is above the signal line but is yet to move above the baseline. This indicates bullish momentum for the coming days for BNB. As for the 4-hour chart, the MACD line is below the signal line and now heading below the baseline, meaning that the momentum is bearish in a shorter timeframe.

Fear & Greed 

The fear and greed indicator suggests that the current emotion for BNB traders in a 4-hour chart is fear due to the recent price pullback.

Binance Coin Price Analysis October 2021: Will BNB Reach $500 Again?

Fibonacci

The Fibonacci retracement level suggests that BNB has retraced to the 23.6% level from the beginning of the uptrend. This could see the price of BNB aim for one of the extension levels in the coming days.

Binance Coin Price Analysis October 2021: Will BNB Reach $500 Again?

Price Prediction BNB – October 2021

Based on this technical analysis, we could see BNB retest resistance at $438 in the coming hours. If resistance is broken, then BNB has the potential to go as high as $510. The opposite could also happen if selling pressure is high and support at $410 fails, which could see BNB go close to $385.

Latest News for BNB – Affecting Price

Recent decisions from China’s central bank affected the cryptocurrency market. However, Binance has recently stated that they do not handle any sort of business in China, meaning that the world’s leading exchange should not be affected by this. Perhaps this is why BNB has increased largely in recent days.

Also read: Binance Coin Price Prediction 2021 and Beyond – Will the BNB Price Surge Upwards?

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