Technical Analysis and Market Entry: Binance Coin (BNB) Could Retest All-Time High
- Binance Coin (BNB) bulls are back as the price regathers upside momentum, printing a two-and-a-half week high.
- BNB has recently been integrated into a large Latin American payment gateway, exposing it to over 50,000 users.
BNB/USDT: Recent Price Behavior
Binance Coin has managed to catch a decent bid over the last two sessions, gaining some 14% within the period. BNB/USDT has jumped back to its highest level in two-and-a-half weeks. A wave of buying kicked in after the bulls managed to break out from a narrowing triangular structure.
The price was forced to consolidate and narrow within the noted pattern following the bear attack that triggered late June. Binance Coin had enjoyed a strong run to the north, printing an all-time high just shy of $40. A chunky bout of profit-taking kicked in shortly thereafter, which saw BNB/USDT drop as much as 35% over four weeks.
BNB managed to stabilize following the price catching support from an ascending trend line. The noted safety area has been in play since March, providing needed comfort for the bulls on their trend higher. On each occasion that the price has come into contact with this region, a decent continued push north has followed.
Binance Coin Big Integration with Latin America
Binance Coin has recently been announced to have integrated into a Latin American payment gateway called Cryptobuyer. The payment network includes ATMs, and allows users to make payments, transfer money, remotely credit their mobile phones and purchase products from multiple vendors using cryptocurrency.
In terms of BNB, its integration will see it embedded in Cryptobuyer’s point-of-sale solution. It means there will be exposure to more than 200 stores and retail chains in Latin America.
Cryptobuyer boasts a strong network of over 50,000 registered users, and its physical presence extends beyond cryptocurrency ATMs. Their user base can use cryptocurrencies, now including BNB, to shop in physical stores. Retailers also accept payments in bitcoin, Litecoin and Dash. Traki, Venezuela’s largest retail chain with 46 superstores across the country, is one of Cryptobuyer’s clients.
Given the recent promising bounce off a critical supporting trend line, a stronger move to the north is back on the cards. In terms of upside targets, daily support of $35, followed by the $36-$39 price range should be eyed. The price can be seen pushing above a near-term supply area at the $28-$30 range and a confirmation of this as support again would be encouraging.
It is unclear at this stage whether the price will pull back and retest the breached descending trend line or zone. In terms of entries, as close to the $30 mark is of interest. Stops would be placed just below the noted zone of support and long-running trend line at $26.
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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