Binance Coin Price Analysis: Following IEO Announcement, BNB Breaks Above $30 Again, Are the Bulls Back?

  


Binance Coin saw a significant price increase of around 16% over the past 2 days, bringing its price to $31.20. The cryptocurrency is up 54% over the past 3 months. 

The latest surge follows the announcement of the next IEO to be held on Binance Launchpad, which has substantially different participation requirements from previous ones. BNB seems unfazed by the recent news that a large amount of its KYC photos were supposedly leaked.

BNB remains the sixth-largest cryptocurrency by market value with a market cap of $4.77 billion. 

Looking at the BNB/USD 1-day chart:

  • Since our previous BNB analysis, BNB held the support at the rising trend line which allowed the rebound to happen. BNB/USD powered through the 100-day EMA to break above $30 and reach the resistance at $31.50.
  • From above: If the bulls can push the price above $31.50, we can expect immediate resistance to be located at $32.45 and $32.40. The next levels of resistance lie at $35, $36.28, and $38.53. If the market clears these levels, the coin will be free to attempt a return to its ATH and reach $40.
  • From below: The nearest level of support is now located at $30. Beneath this, further support lies at $29.22, $28 (the 100-day EMA), and the rising trend line. If sellers push the price below the trend line, support can be found at $26.48, $25.18, and $24.
  • The trading volume has been slowly moving toward average levels.
  • The RSI recently stormed above 50, which shows that the bulls are now in complete control.

bnbusd_aug8-min

Looking at the BNB/BTC 1-day chart: 

  • Trading against Bitcoin, the support at 0.002265 BTC held up very well, allowing the price to go higher. The coin has now reached resistance located at 0.002655 BTC.
  • From above: If the bulls continue above 0.002655 BTC, we can expect higher resistance to be located at 0.002765 BTC, 0.0029 BTC, and 0.0030 BTC (the 100-day EMA). Above 0.003 BTC, the next levels of resistance lie at 0.0031111 BTC (the 200-day EMA) and 0.0032 BTC.
  • From below: The nearest levels of support lie at 0.0026 BTC, 0.002492 BTC, and 0.002265 BTC. Beneath this, further support is expected at 0.0022 BTC, 0.00205 BTC, and 0.001988 BTC.
  • The trading volume has shown signs of increasing.
  • The RSI has risen toward 50 but has yet to break above it. This indicates that neither the bulls nor the bears are in possession of the market momentum. In order to see BNB/BTC rise higher, we will need to see the RSI break above 50. 

bnbBtc_aug8-min

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