Binance Coin Price Analysis: Following The First DEX IDO, BNB Aiming For a New All-Time High?

Binance Coin has seen a nice bounce over the past 24 hours, marking an increase of about 2.90%, allowing the price for the coin to climb to the $34.43 level. The cryptocurrency performed surprisingly well a few days after announcing that they would have to shut down their platform for their US customers.

Binance Coin remains ranked in 7th place amongst the top cryptocurrencies as it presently holds a $4.89 billion market cap. The cryptocurrency has now seen a 28% price rise over the past 30 days, while also gaining 120% over the past 3 months.

Perhaps one of the events which helped to propel the quick recovery of BNB was the first initial DEX offering held on Binance Chain – that of Raven Protocol.

Looking at the BNB/USD 1-Day Chart:

  • Since our previous BNB analysis, we can see that the support at the $32 level had held and this is where the bounce took place. The cryptocurrency has now climbed above $34 to where it currently trades around $34.43.
  • From above: The nearest level of resistance now lies at $35. Above $35, we can expect higher resistance to at $36.22, $37, $38.53, and $40. If the buyers can continue above the $40 level, higher resistance lies at $42, $42.66, and $45.
  • From below: The nearest level of support now lies at $34. Beneath this, further support is located at $32, $31.20 and $30. If BNB falls beneath $30, further support then lies at $28.88 and $26.60.
  • The trading volume has managed to remain very high during May and June.
  • The RSI has recently rebounded from the 50 level to indicate that the buyers have regained control of the market momentum again.

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Looking at the BNB/BTC 1-Day Chart:

  • Against Bitcoin, we can see that BNB fell lower but had managed to hold the support at the 0.00355 BTC level very well. BNB/BTC has bounced from this point and now currently trades at 0.003783 BTC.
  • From above: The nearest level of resistance now lies at 0.0038 BTC and 0.0040 BTC. If the bulls climb above 0.004 BTC, higher resistance is found at 0.0043 BTC, 0.004398 BTC, and 0.0045 BTC. Above this, further resistance lies at 0.0046 BTC and 0.004925 BTC.
  • From below: The nearest level of support is at 0.003680 BTC. Beneath this, further support lies at 0.0035 BTC, 0.0043 BTC, 0.00381 BTC, and 0.0031 BTC.
  • The trading volume has also managed to stay pretty high during June.
  • The Stochastic RSI has recently reached oversold conditions and has produced a bullish crossover signal which should push BNB/BTC higher.

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