Binance Coin Price Analysis: BNB/USDT Could Still Jump another 25-50% in the Coming Days
- Binance Coin is maintaining strong momentum to the upside, and is showing a lack of slowdown signs for now.
- BNB/USDT technically has room to potentially gain another 25-50% over the coming days, only if the current pace keeps its course.
BNB/USDT: Recent Price Behavior
Binance Coin has been on a solid run of gains since the very back-end of January and picking up the pace in February. The price has jumped as much as 85% within this period, demonstrating strong momentum behind the current bull run. In terms of BNB/USDT, it has rallied for four consecutive weeks, with no signs of a slow down yet. It is also running at its third straight session of gains at the time of writing, seen up over 7%.
In comparison to its peers, BNB is most certainly a big outperformer, while the rest of the altcoins continue to trade within a sideways nature. BNB/USDT is on course to retest the 2019 high area, printed on 20th February at $11.32. The territory is the highest seen since September 2018, which is also a known area of supply. Should the bulls manage to maintain current upside momentum, then there could be a decent break above.
Pullback Makes BNB Buyers Stronger
As touched upon earlier, the price is penetrating the high area of the year, within a supply zone which tracks from, $11.00-60 range. On 20th February, BNB/USDT moved into this territory; however, the sellers piled in with some aggression. The price was forced to drop a chunky 17% back down to a demand zone in the $9.90-35 range. It was a textbook technical move; a breakout initially of this zone, up to the highs on 20th, then the pullback and now the buying again.
The technical break and retest as described above make way for the bulls to intensify the buying pressure. BNB/USDT will now be subject to a further move north; the next zone is eyed at the $14-$15 range. The price has not traded up at these heights since the back-end of July 2018, where it faced rejection and sent into a downward trend. A move up to this next area would be a jump of some 30% from the current price.
There is much going on with Binance, such as the test net launch of Binance DEX and the growing adoption of BNB uses across payment, travel/utility, service, entertainment, wallets, platform and cash. BNB is not too far from a potential ‘flipping’ of Tron, all as detailed in an article from Hacked’s Sam Bourgi.
The barrier as noted earlier, $11.00-60, will be the first target area for the bulls to break down. Any failure to do so will see another retest of the below zone, $9.90-35. Given that the break and retest has already been seen, the bulls in theory should have enough behind them to break through. Eyes will then be on the $14-$15 zone, a clearance above here could leave the door open for a $17 return. BNB/USDT last traded up at these heights in June 2017.
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.
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