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Binance Coin Surges Beyond $220: More Upside Ahead?

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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 30, 2023 | 2 min
Updated on Sep 03, 2023
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  • Binance Coin (BNB) currently navigates a lateral consolidation phase, with strong support near $205, while targeting a notable resistance at $219.
  • Technical indicators, particularly MACD and RSI, predominantly showcase bearish tendencies despite recent dips into oversold domains.
  • The $220 level emerges as crucial for BNB’s trajectory: an inability to surpass it may extend bearish trends towards $206 or $200, whereas breaching it could pave the way for a bullish swing towards the $230 mark.

In a remarkable turn of events, Binance Coin (BNB) has made a substantial surge, surpassing the $220 mark. As the cryptocurrency market continues to exhibit dynamic shifts, the question arises: Is this surge indicative of further upside potential for BNB? Let’s delve into the factors contributing to this upswing and explore whether Binance Coin is poised for continued gains.

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

Binance Cash Price Prediction: Technical Outlook

Presently, the BNB price stands at $225.05, accompanied by a 24-hour trading volume amounting to $621,807,433. Over the past day, BNB has demonstrated a positive uptick of 3.47%. As per the current rankings on CoinMarketCap, BNB holds the #4 position, boasting a live market capitalization of $34,623,840,219 USD. The circulating supply of BNB coins is recorded at 153,850,608, while the maximum supply remains undisclosed.

 

The current status of Binance Coin (BNB) reveals a phase of lateral consolidation characterized by a strong foundation of support around the $220 level. The upward ambitions of BNB are directed towards an upcoming resistance situated at $230, a level notably linked to the peak observed on June 20th.

After an extensive review of important technical indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), it is clear that they are consistently within the bullish territory. This indicates that despite occasional upward adjustments, which may be caused by the recent bullish crossover by these indicators, the bullish momentum might continue. As a result, it is likely that the current upward price action of BNB’s valuation could lead to a bullish trend. Therefore, there is potential for BNB’s ongoing upward trajectory to continue.

 

The significance of the $230 threshold for BNB cannot be overstressed. Failing to breach this pivotal level could extend the bearish sentiment, possibly pushing BNB’s value towards the $220 mark or even flirting with the $205 milestone.

 

Conversely, a successful breach of the $230 barrier could pave the way for the next target around the $245 range, signaling a bullish outlook. In light of these considerations, careful monitoring of the $230 juncture is imperative, as it may provide crucial insights into BNB’s forthcoming price movement.

Stay tuned for more updates!

author
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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