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BNB recovery phase targets new all-time high at $700

BNB recovery phase targets new all-time high at $700

The cryptocurrency market had a great run as the bitcoin price crossed the $6,000 mark, breaking all time highs at various points over the period. The BNB token, which represents the premium on bitcoin, has also behaved in a similar manner, crossing the $1,000 mark as it recovers from a November slump and establishing a new all-time high of $700.

2017 was a record year for Bitcoin. The price of Bitcoin skyrocketed from $997 at the start of the year to as high as $19,783 at the end of the year, making 2017 the most successful year for Bitcoin ever. As Bitcoin recovers from the recent crash, it’s now preparing for another record-breaking year in 2018.

The days of $0.06 per BNB are officially over. All-mints.com, a blog that tracks the Bitcoin network, announced that the Binance Coin data shows that the price of Binance Coin has now hit $700—and this is the highest Binance Coin price to date. The post details that Binance Coin is currently trading at $700.00, which represents a new all-time high. (If you’re interested, the post is here .). Read more about bnb analysis today and let us know what you think.

Summary of the situation

  • BNB finds support at $356 on the hourly chart.
  • The Binance coin was launched on the 10th. May 2021 reached a new high of $690.

Analysis of NBB prices Price Overview

Binance Coin (BNB) began the daily chart with an opening price of $355, triggering a series of white soldier candles that placed the coin in an early morning uptrend. The NBB/USD trading pair has once again lost the opportunity to return to the 20-day exponential moving average at $398 on the 24-hour chart, after the bear reversed the uptrend earlier today. This has created a bearish channel extending from the rally at $365 to the intraday low of $331. BNB is trading within a bullish channel on the 1-month chart, following a price decline in May. As a result of this decline, the BNB has moved into a liquidity zone between $215 and $230.  However, after a 100% rally, the currency retested support above $400 and hit a monthly high of $432.  The recovery was short-lived, perhaps due to a downward correction in the broader altcoin market. BNB’s recent decline can also be attributed to a concentration of buyers around $405 – $410 who were trading against upper support around $425. Analysts are closely watching the liquidity zone and expect bullish momentum above the $350-380 consolidation point. This move could take the price of NBB to the $820-$890 range. But the bears will also push against the uptrend, and if it is strong enough, the downtrend could continue to $215-$230. The bears have also built a strong defense at $433, meaning the bulls will need to consolidate strong buying pressure to overcome resistance near that level.

NBB price movement during last 24 hours

Binance coin opened the 24-hour trading chart at $356 with an uptrend with a bounce to $366, which is an intraday high.  The intraday low on the daily chart is $331, suggesting a range of $35. This shows that price volatility is moderate on today’s chart. The MACD has been showing bearish momentum for the past few days, which could nullify any bullish move and give control to the bears. Buyers are targeting the 50-day simple moving average at $492.  This objective seems ambitious and requires support from the wider market. A sufficient number of buyers will allow the currency to overcome the upper resistance, which lies around $370. If the Bulls don’t pick up this pace, the Bears will likely be in charge for most of the week. Source: Tradeview BNB recovery phase targets new all-time high at $700

NBB 4-hour course graph

At the time of writing, BNB is trading at $358. On the hourly chart, the currency has spotted a rising wedge that appears to be on its way to $365. Buyers have consolidated enough strength at $337 to support the wedge. There was some kind of resistance at the $350 level because of the concentration of sellers at that level. Still, the bulls were able to continue their advance and consolidate at $356. Source: Tradeview BNB recovery phase targets new all-time high at $700

See Also

Supplement

On the 10th. In May 2021, the coin reached a new all-time high of $690 on Binance. The price hike was followed by a record $100 billion market capitalization for the currency, which is held by the Binance exchange.  However, BNB’s bullish trend towards the new ATH was stopped by the cryptocurrency market crash that took place from the 19th to the 25th. May interrupted. The currency is currently in a recovery phase and bulls are hoping to gain momentum to catalyze a new all-time high above $700. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin Cash (BCH) has clawed its way back to a $700+ price point since reaching an all-time high of $2,650 on Feb 5th. The recovery has been helped along by a series of sell walls at the BCH/USD level, and a recovery phase has just been revealed by the Bitmex BCH futures contract.. Read more about bnb price prediction 2021 and let us know what you think.

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