Binance Coin Price Analysis: BNB the New Bitcoin – Gearing Up for New All-Time-Highs

  • BNB has gained over 35% within the past three sessions, jumping to its highest level since June 2018.
  • Tron founder and CEO Justin Sun said that BNB is the new Bitcoin, as the price storms higher.

BNB: Recent Price Behavior

BNB/USDT daily chart.

The Binance Coin (BNB) price has been gunning firmly to the north, mainly picking up strong pace within the last three sessions. BNB has rallied to its highest levels since June 2018, with no evident signs of slow down. The bulls continue to smash through critical barriers of resistance, which leads to a stronger wave of buying pressure. Over the past three days, BNB/USDT has gained a whopping 35%, the biggest upside rally since March 2018.

BNB/USDT has been on a committed direction higher since the back end of 2018. The price in December 2018 forced down at $4.12, which was the lowest level since December 2017. The chunky buying came into play within a known demand zone. It was somewhat similar to the big bull run late 2017 that was seen across the cryptocurrency market, attracting buyers at the same territory. As a recap, BNB/USDT jumped up to all-time-highs up at $25.25 on 11th January 2018. Shortly after this point, the price started to tumble south at quite some pace, entering a powerful bearish trend.

BNB the Next Bitcoin

According to Justin Sun, Binance Coin is going to be the next Bitcoin, so $20,000 it is then. He said, “Huge Congrats on $BNB, a new Bitcoin.” There is undoubtedly a huge step up in an effort from Binance in moving towards greater adoption of BNB. Binance CEO Changpeng Zhao not too long ago said that BNB probably has more celebrated use cases than any other coin. There has been an increasing number of platforms announcing support for the coin recently.

Upside Targets

BNB/USDT weekly chart.

The next area of interest likely for the bulls will be the supply zone seen ahead tracking from $17.00-$17.50 range. BNB/USDT last traded up at these heights on 22nd June 2018, before being hit by some hard sellers. Further north, above the noted zone there isn’t much in the way of BNB retesting the 2018 all-time-highs. Upon this rest, the price is either going to produce a double top formation or will power through with some force. Given the current run of bullish momentum, eyes are indeed on seeing the latter play out.

In terms of support, eyes on the $15.00-$14.00 range, where the price is observed at the time of writing. A failure of this holding could then see the price drop heavily back down to the below demand zone, or the $12.00 territory.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.