Binance Coin Price Analysis for 02/10: Definitively Breaking the $24.4657 Resistance is key to Maintaining the Uptrend
Binance Coin Price Analysis for 02/10: Definitively Breaking the $24.4657 Resistance is key to Maintaining the Uptrend

By JP Buntinx | JdeCrypto | 1 week ago


Most of the cryptocurrency markets are taking a breather after the extensive bull run. One notable exception is the Binance Coin price.

For reasons unknown, the BNB value continues to push higher, despite today's minor bearish pressure. This makes one wonder where this run will end up at. 

Binance Coin Price Surge Continues

Similar to most cryptocurrencies, Binance Coin had a bullish 30-day period. Following a 62.6% gain, the Binance Coin price has risen from $14.93 all the way to $24.26 without much resistance. That pushback is now coming into play a bit, primarily because Bitcoin's surge is facing some resistance. All in all, there is absolutely nothing to be concerned about as of right now.

What keeps the BNB surge going is the ample trading volume. Even though Binance Coin is only listed on a few exchanges, it easily generates over $500 million in trades. Other altcoins would love to see this type of daily trading volume.

The biggest market today is BNB/USD on P2PB2B. A very interesting development, as it is one of the few fiat currency gateways for this crypto asset. Most eyes will be on Binance's own BNB/USDT trading pair, however. 

BNB/USDT Technical Indicators

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Bollinger Bands: With the current market volatility in place, the BBs for BNB are widen open. That is both a good and a bad sign, depending on one's short-term expectations. Ample liquidity is present to keep the overall uptrend going. However, the wick on today's candle is becoming quite large, indicating that a potential trend reversal may materialize.  Following the recent Binance Coin price surge, that wouldn't be too surprising. 

Moving Averages: There is no sign of the MA20 and MA50 converging anytime soon. What will happen, however, is a bullish crossover between the MA20 and MA200.  From a short-term perspective, that should yield an increase in BNB value, albeit it may be marginal. The MA50 is also moving up to cross the MA200, albeit that will not happen for a while.

RSI: Binance Coin has been in "overbought" territory for nearly a full week now. That is a good sign, as it confirms how the bulls are still in charge of this market. Sustaining the growth will be difficult, as a maior resistance level is being hit right now. 

The coming hours will prove crucial in determining where BNB may be headed next.  Given how the current Fib level is still engulfed by today's candle, things can get very interesting. If the wick doesn't extend further, the uptrend should remain intact over the coming days, regardless of temporary volatility. 

Resistance Levels: The coming hours will be filled with trial-and-error for BNB. The current Binance Coin price is very close to the resistance at $24.4657.  That level hasn't come into play for some time, thus breaking it will pose some challenges. 

If the uptrend resumes, a further push to $25.4794 and $26.4110 is not out of the question. All of this primarily hinges on if and when the Bitcoin price recovers, however.

 

Like this kind of analysis? Make sure to check out https://fintoism.com for daily market analysis posts! 


JP Buntinx
JP Buntinx

Cryptocurrency and Fintech enthusiast @Jdebunt on Twitter


JdeCrypto
JdeCrypto

Cryptocurrency news, price preditctons, and analysis

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