Binance Coin [BNB] Price Prediction Today: Steadily Grinds Closer to All-Time Highs

By John Isige
Published April 23, 2019 Updated April 23, 2019
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Source: TradingView

Binance Coin [BNB] Price Prediction Today: Steadily Grinds Closer to All-Time Highs

By John Isige
Published April 23, 2019 Updated April 23, 2019
  • Binance Coin struggled with the resistance $16.00 and at $17.50 before extending the gains at the critical $20.00 level.
  • Reaction to the double top pattern results in a slide testing $22.50 support but technical is still intact.

BNB/USD is simply the best performing altcoin in 2019 after surging a whopping 74.11%. The daily chart shows the price trading above the 100-day simple moving average (SMA) 1-hour. Moreover, it is trading above the trendline while recording higher highs and higher lows. Investors’ sentiments continue to change positively towards BNB token following the launch of various products like the Binance Chain mainnet, Binance DEX, and Binance Launchpad.

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BNB/USD daily chart

BNB price prediction
Chart Source: TradingView

Binance Coin struggled with the resistance $16.00 and at $17.50 before extending the gains at the critical $20.00 level. The trading in April has sent BNB past $25.00 to the extending forming a high roughly at $26.06.

Binance reacts to a longer-term double-top pattern

The price reversed the trend after failing to correct above $26.06, in turn, forming a double top pattern. Reaction to the pattern has culminated in the ongoing declines. While valued at $23.93 the crypto appears to have found support $22.50. Despite the correction technical levels have remained intact. The relative strength index (RSI) in the daily timeframe is positioned in the overbought although heading south at press time.

Also Read: Bitcoin [BTC] Begins Rally With Two Strong Bullish Signals, First ‘Take Profit’ at $5800: Analyst

Trends of the MACD

The moving average convergence divergence (MACD) has been sitting comfortably in the positive region since the beginning of February. Over the last few weeks, the indicator’s divergence has continued to increase to show that BNB bulls are gaining traction. Besides, the MACD at 1.9 is still poised for more correction to the upside; a move that is likely to bring the price closer to the all-time high.

In the event the ongoing declines fail to find support at $22.50, there are other support levels that are likely to come in handy including $20.00, $16.00 and $12.00.

BNB Key Technical Levels

100 SMA daily: $13.10

MACD daily: +1.9

RSI 1-hour: 70.00

Support 1: $22.50

Support 2: $20.00

Support: 3: $16.00

Resistance 1: $26.06 (recent high)

Resistance 2: $26.67 (all-time high)

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1106 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 the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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