Binance Coin (BNB) is currently trading at around $33 following some consolidation after a minor decline last week. Overall, price has increased almost 6% against the dollar since the start of the week.
The price of BNB came crashing down toward the end of June, dropping from around $40 to fall back under its 20-day EMA.
Although sellers have been in control recently, price is now pushing up once again, showing signs the market is still looking for more gains. As long as BNB keeps the momentum and is able to push upwards towards its late June prices, I expect the coin to rally back to $40 and above.
Let’s take a look at the chart for BNB.
As you can see, volumes seem to be improving, which could mean we’re getting ready for a nice weekend pump. There’s some resistance between $35-$40, which once broken could take BNB to the moon.
Looking at the recent data, I really see no other option than the rally continuing.
Current support can be found above the 20-day EMA between $32-$34, as buyers are clearly supporting that price level. The short-term trend seems to be bullish, so I would expect Binance to keep pushing upwards. After all, IEOs will be the next big thing in crypto – at least for the next year or so.
As BNB is the go-to coin for investment in crypto-seed companies within the exchange, I don’t see any reason for a drop soon.
About Binance
Binance is currently the world’s second-largest cryptocurrency exchange, with around $6 billion in assets traded in an average seven-day period. Binance’s rise to the top has been swift. Since its launch in July 2017, Binance has grown at a rapid rate. Binance was one of the first exchanges to reactivate user registrations at the peak of the 2017 bull market.
Binance is also the name of a cryptocoin (BNB) traded and used on the Binance exchange. Since the ICO, the value of BNB has risen with the growth of the exchange. BNB is now among the top 10 cryptocurrencies in the world by market cap.
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