Binance Coin (BNB) Price Analysis for 9/12

Can one expect a short-term correction of Binance Coin (BNB) before the rise continues?

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The weekend got started with a positive mood on the cryptocurrency market. All Top 10 coins are in the green zone, while the top gainer is Binance Coin (BNB)whose rate has rocketed by 16% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The rise of most of the coins has influenced total market capitalization, which increased by $5 bln and is now at $340 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Binance Coin today:

  • Name: Binance Coin

  • Ticker: BNB

  • Market Cap: $3,956,001,583

  • Price: $27.39

  • Volume (24h): $928,867,016

  • Change (24h): 15.09%

The data is relevant at press time.

BNB/USD: Сan bulls bring the rate to $30 before a fall?

Binance Coin (BNB) has gotten out of the correction phase faster than the other coins. The price of the native exchange token has risen by 15%, while the price change over the last week has accounted for 33%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

On the hourly chart, Binance Coin (BNB) is already located in the overbought zone despite a long-term bullish trend. It is confirmed by the value of the RSI indicator, which has surpassed 70.

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What's more, there is no liquidity above, which means that there are fewer buyers who want to buy the altcoin at the current price. In this case, a drop to $25 is likely.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

On the daily time frame, a short-term decline is the most likely price action. Since the beginning of the month, the trading volume has been steadily decreasing, suggesting a correction might occur soon. If bulls do not seize the initiative, the decline may stop at around $24.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

On the weekly chart, Binance Coin (BNB) has just emerged from a long consolidation phase and confirmed the long-term bullish trend. The lines of the MACD indicator are going upward, which suggests the presence of buyers. For this reason, the target of $32 may be achieved by the end of the year.

Binance Coin is trading at $26.78 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]