Binance Coin (BNB) Price Prediction Today: Overwhelmingly Positive Levels – Eyeing $21.00

binance coin BNB

Binance Coin (BNB) Price Prediction Today: Overwhelmingly Positive Levels – Eyeing $21.00

  • Traders to expect the sideways trading to culminate in an upward move past $20.00.
  • The reaction to the inverted head-and-shoulders pattern is the strongest trend indicator.

BNB/USD has a looming upside breakout on Wednesday following the formation of an inverted head-and-shoulders pattern. The formation of this pattern indicates a trend continuation, in this case, Binance Coin is likely to extend the gains above $20.00. The gains come after a trend reversal occurred when the price fails to make any significant movement past $20.50 in the first week of April. The price dipped under both the 12 exponential moving average (EMA) 4-hour and the 26 EMA 4-hour.

BNB Price Prediction
Chart Source: TradingView

A bottom was formed marginally above $16.50 giving way for a rebound and the completion of the head formation of the pattern. A correction to the upside pulled above the 12 EMA and 26 EMA. This move saw the bulls’ confidence increase as they took more positions. BNB/USD touched $20.00 before reversing slightly to the region above $18.50. The price is currently sitting comfortably above the EMAs while trading at $19.75.

The reaction to the inverted head-and-shoulders pattern is the strongest trend indicator the traders need to look out for. However, they must watch for a sustained breakout above $20.00 before they can get confident that the move will test $21.00.

Also Read: Bitcoin [BTC] Price Analysis: Bitcoin to Re-test $5546 Level One Final Time?

Considering other indicators like the moving average convergence divergence (MACD) show that BNB/USD will continue with the current sideways trading in the coming sessions. The indicator signal at +0.28 is horizontal while the divergence is constant.

Binance Coin [BNB] Key Technical Indicators

12 EMA 4-hour: 19.55

26 EMA 4-hour: 19.28

MACD 4-hour: +0.28

Path of least resistance: Upwards

Resistance 1: $20.00

Resistance 2: $20.50

Resistance 3: $21.00

Support 1: $19.50

Support 2: $18.50

Support 3: $16.50

BNB Price Prediction: Traders to expect the sideways trading to culminate in an upward move past $20.00 and even correct to $21.00. Binance Coin is among the few coins that are likely to break above its all-time high.

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Binance Coin (BNB) Price Prediction Today: Overwhelmingly Positive Levels – Eyeing $21.00
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Binance Coin (BNB) Price Prediction Today: Overwhelmingly Positive Levels – Eyeing $21.00
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Traders to expect the sideways trading to culminate in an upward move past $20.00. The reaction to the inverted head-and-shoulders pattern is the strongest trend indicator.
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John Isige 36 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read content. His main focus is on cryptocurrency price analysis and industry news coverage.