Binance Coin price seems to be defying the entire market as it has basically recovered entirely from the most recent crash while big names like Bitcoin and Ethereum are still struggling significantly.
BNB price is up by 36% in the past 5 days recovering almost entirely and it’s now trading at $24.3 with very little resistance towards $26. One of the major reasons for this recovery was the announcement by Binance about its new launchpool.
Binance is excited to release Launchpool, a new product where users will be able to acquire new token rewards in return for staking BNB, BUSD and other tokens. The first project to be hosted on Launchpool is Bella Protocol (BEL).
The first token to be released on the Launchpool is BEL and 90% of the tokens will be airdropped to BNB stakers. Of course, it’s not surprising that this announcement helped BNB tremendously.
BNB Price Analysis: Daily Chart
Clearly, BNB managed to recover after bouncing from an overextended RSI and climbing above the 50-MA, the 100-MA, and the 200-MA. The next highest resistance level is $25.82. The next resistance level after that will be $27.19 which is the 2020-high.
BNB has experienced a notable increase in trading volume over the past week and the daily MACD just turned bullish again.
BNB Price Analysis: 4-hour Chart
BNB price is currently between a symmetrical triangle formed on the 4-hour chart. The pattern is on the verge of a breakout above $24.53 which would boost BNB towards $25.86. The MACD has been bullish for quite some time and the RSI is not yet overextended, although close to it.
Trading volume has been decreasing in the past 24 hours indicating a big move is nearby.
BNB Long-Term Overview
BNB is by far one of the best performing digital assets in the past two years. The weekly chart is highly in favor of the bulls right now and there is a giant symmetrical triangle formed since December 2018. This is the pattern that indicates BNB could reach $40 again.
Currently, the upper trendline is right around $25.5, extremely close to the price of BNB. If the bulls can push the price above $24.53, the $25.5 would be reached quickly and there is a good chance to crack it.
The RSI would most likely be overextended, however, the last time the RSI got overextended, BNB went from $15 to $39.59 without almost stopping.