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As Binance Coin Crosses $205, Is It Time to Buy?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on August 23, 2023 | 2 min
Updated on Sep 03, 2023
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  • Binance Coin (BNB) is consolidating sideways, with a notable support base forming around the $205 level.
  • The $220 level is of paramount importance for BNB. Failing to breach this level could extend the bearish trend, potentially pushing the price toward $206 or even the $200 mark.
  • Successfully surpassing the $220 threshold could set the stage for a move toward the $230 level, signaling the potential for an uptrend.

As Binance Coin (BNB) successfully attains the noteworthy milestone of $205, the investment landscape surrounding this cryptocurrency gains heightened attention and scrutiny. This achievement not only underscores the resilience and potential of BNB but also prompts a deeper examination of the investment prospects it holds in the ever-evolving digital currency market. This pivotal moment invites a closer look at the underlying dynamics, technological advancements, and market sentiments that contribute to BNB’s current position, thereby shedding light on the considerations for those evaluating its investment potential.

 

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BNB/USD Price Chart
BNB/USD Price Chart – Source: Tradingview

Binance Cash Price Prediction: Technical Outlook

The current BNB price stands at $216.13, accompanied by a 24-hour trading volume amounting to $716,281,460. Over the past day, BNB has recorded a positive gain of 2.98%. Presently occupying the #4 position on CoinMarketCap, BNB boasts a live market capitalization totaling $33,252,569,297 USD. The circulating supply of BNB coins is 153,851,439, while the maximum supply remains undisclosed.

 

Analyzing the technical aspects of the market, Binance Coin (BNB) is currently engaged in a sideways consolidation pattern, finding a support foothold around the $205 level. Looking towards potential upward movements, BNB appears to target the subsequent resistance level at $219. This level gains prominence as it aligns with a previous high established on August 18th.

 

A comprehensive examination of key technical indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), reveals that both indicators sustain a bearish region. This signifies that the bearish momentum may not have subsided entirely, although a minor bullish correction is observable due to the indicators recently entering oversold territory. This implies that the ongoing decline in BNB’s value could be regarded as a brief bullish correction and may not be a sustained reversal. Consequently, the potential persists for continuing the prevailing downward trend in the price of BNB.

 

It is worth emphasizing that the $220 level holds critical significance for BNB. Should BNB fail to surmount this level, there is a prospect for continuing the bearish trend, potentially driving the price lower toward $206 or even further down to the $200 level.

 

Conversely, if BNB manages to surpass the $220 threshold, the subsequent target is likely to emerge around the $230 level, indicating the potential for an uptrend. In light of this analysis, it is prudent to closely monitor the $220 level as it could provide essential insights into the future price action of BNB.

 

Stay tuned for more updates!

 

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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