Binance Coin recently saw a sharp spike 24 hours after Binance announced it would create a $1 billion fund to encourage greater adoption of cryptocurrencies and distributed ledger technology. It grew by almost 20%.
According to Messari, the digital currency rose to $467.89 this morning, after which it rose 19.2% in 24 hours.
After rising to that level, the digital asset pulled out, fell to nearly $430, and then rebounded. Additional message numbers are displayed.
Since then, Binance Coins have traded between $430 and $470.
[Ed’s note: Investing in crypto coins or tokens is highly speculative and the market is largely unregulated. Anyone considering this should be prepared to lose their entire investment.]
Several experts were present and provided technical analysis of where the digital currency should go.
Kiana Daniel, CEO of InvestDiva, forecasts the price development of Binance Coin using the Ichimoku Cloud, a technical indicator that uses multiple averages to better understand asset dynamics and general trends. Yes.
“The BNB/USD pair recently had a breakout beyond the clouds for the day-to-day performance, which suggests that a bull run is an opportunity,” he said.
“But digital currencies face strong resistance at $528, a 61% Fibonacci correction,” added Daniel.
“The future cloud is flat, so we see that BNB gains will be capped to $528 in the medium term, unless a stronger bullish trigger suddenly emerges in the crypto market.”
TrendSpider’s chief market analyst Jake Wujastyk also spoke of the resistance that could be met if the digital currency strengthens, noting specifically that “the highest so far since Aug. 25 is around $520”.
Nick Spanos, co-founder of Zap Protocol, will also be in attendance.
“The next two major resistance levels for BNB are $475 and $525. In the event of a convincing breach, Binance Coin will provide yet another catalyst to provide a fresh impetus (10 announced recently). “Even without a $100 million growth fund, etc., we could have a much bigger and longer breakthrough,” he said.
Spanos also talked about the Mover Average Convergence Divergence (MACD), a technical indicator that can be used to evaluate asset dynamics.
“The MACD index on the BNB daily chart is currently showing bullish price momentum as the MACD is above the signal line,” he said.
“On the other hand, if BNB prices fall in the next few hours to days, buyers should be able to break the downtrend at the $425 support level,” said Spanos.
“If you break this support level, investors will be looking for $400 support.”
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS and Sol.