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HomebitcoinBinance Coin Targeting $700 levels: BNB Price Analysis

Binance Coin Targeting $700 levels: BNB Price Analysis

Binance Coin (BNB) continues to hold a strong position in the cryptocurrency market, backed by the Binance exchange ecosystem.

Recent shifts in macroeconomic conditions, like China’s economic stimulus, have boosted BNB and other major assets.

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BNB Crypto Price Analysis

Current Price: Around $590–$600

Market Cap: Approximately $98 billion

24-hour Trading Volume: $800 million

Circulating Supply: 153.86 million BNB

Total Supply: 200 million BNB

Img src- Altfins

We wait for a breakout from the Ascending Triangle (above $600 resistance) to signal uptrend resumption to the next resistance of $720 for a +20% potential gain. Triangle is starting to close in, reaching a pinnacle, which suggests that a breakout is approaching.

Weekly Price Analysis

BNB’s performance in October has largely aligned with broader crypto trends. The price experienced an uptick after Binance’s Bohr Hard Fork.

Trend: Short-term trend is Neutral, Medium-term trend is Strong Up, Long-term trend is Strong Up.

Momentum: Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $500.00, then $450.00. Nearest Resistance Zone is $600.00, then $720.00.

Technical Indicators

SMA & EMA: Daily SMAs reflect mixed signals, with the 50-day SMA at $576 showing a “sell” signal, while the 100-day SMA at $556 indicates “buy.” The 200-day SMA, slightly lower at $569, is also a “buy” signal.

Volatility & RSI: With volatility at 5.44% and a Relative Strength Index (RSI) around 61.55, BNB leans toward overbought territory.

Fear & Greed Index: At 70, the market is in “greedy” territory.

News Roundup

Positive Developments: The Bohr Hard Fork has bolstered BNB’s operational efficiency.

Market Challenges: Binance has seen a reduction in its market share in the spot trading sector, now at 39.5%, down from 52.5% last year, mainly due to regulatory scrutiny.

Community Engagement: Binance founder Changpeng Zhao, after recent legal issues, has announced investments in educational initiatives and new tech ventures.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

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