Binance Coin has recently experienced some notable increases, 24 hours after Binance announced the creation of a $ 1 billion fund designed to promote broader adoption of cryptocurrencies and distributed ledger technology. Within that, it rose by nearly 20%.
According to Messari data, the digital currency rose to $ 467.89 this morning, at which point it rose 19.2% within 24 hours.
After rising to that level, digital assets were pulled back, falling to nearly $ 430 and then recovering. Additional message numbers reveal.
Since then, binance coins have been trading between $ 430 and $ 470.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Several experts participated and provided a technical analysis of where the digital currency would go next.
Kiana Danial, CEO of InvestDiva, evaluates Binance Coin’s price history using Ichimoku Cloud, a technical indicator that uses some averages to better understand asset momentum and overall trends. Did.
“The BNB / USD pair recently saw a break beyond the daily glance cloud, which shows that the Bulls are empowering,” she said.
“But digital currencies are facing strong resistance at $ 528, the 61% level of Fibonacci retracement,” added Daniel.
“The cloud of the future is flat, so we can see that BNB’s profits will be limited to $ 528 in the medium term unless a stronger bullish trigger suddenly occurs across the crypto market.”
TrendSpider’s chief market analyst, Jake Wujastyk, also talked about the resistance that could be encountered if the digital currency rises, especially picking out “the past highs since August 25 are around $ 520.”
Nick Spanos, co-founder of Zap Protocol, also participated.
“The next two key resistance levels for BNB are $ 475 and $ 525. In the event of a compelling breach, Binance Coin will offer another catalyst to provide new impetus (10 recently announced). Even without a $ 100 million growth fund, etc.), we could experience a significantly larger and longer breakout, “he said.
Spanos also talked about Moving Average Convergence Divergence (MACD), a technical indicator that can be used to assess asset momentum.
“The MACD index on the BNB daily chart is currently showing bullish price momentum as the MACD is above the signal line,” he said.
“Conversely, if the price of BNB falls over the next few hours to days, the Bulls should be able to stop the downtrend with a support level of $ 425,” said Spanos.
“If you violate this level of support, investors will look to the $ 400 mark for support.”
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS and Sol.