bitcoinBTC/USD
$ 20,003.00
ethereumETH/USD
$ 1,128.77
tetherUSDT/USD
$ 0.999909
cardanoADA/USD
$ 0.456899
xrpXRP/USD
$ 0.323634
usd-coinUSDC/USD
$ 1.00

Binance Coin (BNB/USD) Arrives at $500; Next Stop Is at $565

BNB/USD Arrives at $500; Next Stop Is at $565
  • Binance coin has arrived at the $500 key level.
  • The coin is employing a retest and break-out strategy.
  • When BNB/USD rises above $500, it will strongly aid further market ascent to $565.

BNB/USD arrives at the $500 price level as it keeps aiming for higher levels. The acclivity of the Binance coin has been nothing short of impressive. Up till this moment, the coin has been able to surmount every obstacle that it has faced with very little fuss. The rally, which began at $250 on the 20th of July, now arrives at $500, thereby recording a 100% increase in about the space of a month.


BNB/USD Significant Levels

Resistance Levels: $500, $565, $625
Support Levels: $250, $332, $445

BNB/USD Arrives at $500; Next Stop Is at $565BNB/USD Long Term Trend: Bullish

Binance coin had tread a similar part earlier in the year but within a smaller timeframe, from the 27th of March to the 10th of April. When price got to the $500 key level, it simply pulled back to the support level below it to push further upwards. The market then surged directly to $625. When the market fell back at that level, it was the $500 as support that played a major role in defending the market from going short for long. Therefore, the $500 price level is critical for BNB/USD.

Now that the coin arrives again at $500, we can expect to some degree a similar reaction from the market. Predictably, the coin is employing a retest and break-out strategy just as in the previous time, but for a longer period. The strong market rally ensures that the EMA period 20 (Exponential Moving Average) remains below as support for the daily candlesticks. The Moving Average Convergence Divergence also shows this by keeping its signal lines soaring above the zero level.

BNB/USD Arrives at $500; Next Stop Is at $565BNB/USD Short Term Trend: Bullish

Binance coin has found a very strong footing at the 61.80% Fibonacci level when plotted on the 4-hour chart. Like on the daily chart, the EMA period 20 is also beneath the 4-hour candlesticks and pushing it up. The EMAs of the MACD have started converging and we can soon expect a cross upward to mark the end of the retracement. The market is now rising to test the $500 price level. The resistance will be a tough nut to crack due to its prominence in the market, but if price gets above the level, it will strongly aid further market ascent to $565.

Also read: Binance Exchange – Definitive Guide to Using the Popular Crypto Exchange

Note: Crypto-academy.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Also read:

Related News

Will KuCoin Token Reach $100 in 2022 – KuCoin Price Forecast

KuCoin is a popular cryptocurrency exchange because of its cheap fees and extensive range of features. The platform allows you to trade in futures and margin products, using a vast variety of tokens to pick from. The crypto exchange also has a native coin KuCoin Token (KCS). KuCoin’s numerous features, low costs, and wide range of cryptocurrencies make it a great choice for experienced cryptocurrency traders. But what about its

Read More »
Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

ETH Technical Analysis – May 2022 Ever since hitting an all-time high in November of 2021 at around $4,800, the price of Ethereum (ETH) has been in a downtrend. Initially, the price declined by around 26%, and ETH ended the year at $3,500. That bearish momentum continued in January as well, where ETH declined by almost 45% in January alone. However, ETH managed to find support at $2,160, which then

Read More »
Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

BTC Technical Analysis – May 2022 Ever since Bitcoin (BTC) reached its all-time high in November of 2021 at around $69,000, the price has been in a downtrend. The price initially declined by more than 30%. BTC ended the year at around $50,000.  In 2022, BTC maintained that similar approach, where the price declined by an additional 35% in the first few weeks of the year. After finding support at

Read More »

My Coins

bitcoinBitcoin
$ 20,003.001.68%
ethereumEthereum
$ 1,128.773.13%
cardanoCardano
$ 0.4568992.46%
tetherTether
$ 0.9999090.19%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org