Binance Coin Price Prediction: BNB Has Been on a Massive Tear, Will It Ever Reach a Top?
A look at the Weekly chart for BNB shows that the price has broken through the resistance near $8 and is currently on the process of forming another bearish engulfing candle.
This is the fifth weekly bullish candle in a row. The price is currently trading at $14.3.
The price is above the 7 and 21-period moving averages, which are ready to make a bullish cross. The MACD has made a bullish cross and just turned positive.
The RSI is at 70, just into overbought conditions but there is no bearish divergence developing yet.
A look at the 3-day chart gives us the resistance area near $16, formed by the tops of June 2018.
Furthermore, the price may be following an ascending support line since December 2018, but recent parabolic movements have taken price far above it. The line is currently near $8.
The MACD is at the highest it has been since January 2018. The RSI is deep into overbought territory but is not positive yet.
A look at the Daily chart shows that the price has broken out of the negative Ichimoku Cloud.
Yesterday’s bullish candle was the biggest in over a year.
Furthermore, the 7 and 21-period moving averages have made a bullish cross and are offering support to price.
The MACD is into positive territory and moving upward with strength. The RSI is inside overbought territory but has not created any divergence yet.
Short-Term Outlook and Price Prediction:
A look at the 6-hour chart shows that the price has been following another medium-term support line for 36 days. The line coincides with the support area near $36.
Furthermore, while the price has made higher highs since February 5th, the RSI has stayed at the same level, indicating some bearish divergence developing.
Also, the MACD is finally in the process of making a bearish cross, although it is possible that it rejects it and keeps moving upward.
BNB Price Prediction:
I believe that during the next week price will fall down to the support line near $12.
- Price has formed a massive weekly bullish candle.
- The price is trading above medium-term moving averages.
- There is no bearish divergence developing yet.
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