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‘BNB Price Escapes The Downtrend’ Traders Say. When $24 Resistance Might Be Broken?

  • Vera Yurina
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    BNB price is about to break the downtrend, but when it will break $24 resistance? Check out BNB price predictions from TradingView

‘BNB Price Escapes The Downtrend’ Traders Say. When $24 Resistance Might Be Broken?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Seems like the altcoin season is starting, and the cryptocurrencies from Top-25 are breaking the ice one by one. ‘Binance Coin is not an exception,’ – traders say: ‘It might soon hit the resistance line and go up’. How much exactly will Binance Coin cost in the short- and mid-term? Let’s read BNB price predictions from tradingview users.

End of bearish scenario?

$24 is a short-term target for BNB
Binance Coin (BNB) price chart by TradingView

BNB has been undertaking a very significant retracement process since June, as most of the cryptocurrency market. During this process, it has already decreased by 50%. It was, along with Litecoin, one of the coins that had the best performance during 2019 so far before the falls began.

Now the price is being exchanged at $20, which is key support for BNB. This support has been a demand zone in the past, therefore the price has chances to bounce back up and probably initiate a new trend. However, it is still very soon to talk about a trend reversal.

In order to confirm a potential trend reversal, the price would need to break R1 with a lot of volume, make a pullback to R1, which then would become a support, and attach R2. Until then, taking long positions in this market can be risky.

BNB/USD market will offer profitable opportunities in a potential trend reversal, as discussed in the section Potential scenario or with pullbacks along with the downward trend.

By selecting the indicator Aroon combined with the OBV you can to open long positions when the trend is gaining positive momentum and the volume is increasing. Hence, not opening positions when the bears are still in control.

The price has recently been rejected by S1, that is, the demand is present in that zone and has pushed the price back up. It is possible to spot an engulfing bullish pattern on S1. It is a bullish reversal pattern represented by two candles. The second candle totally engulfs the first one and starts an upward movement.

So, our short term price levels are:

Support—> S1: 20 & S2: 17

Resistance—> R1: $23 & R2: $24.5

Medium-term levels:

Supports—> S3: 15 & S4: 11

Resistances—> R3: $30 & R4: $32

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Bounce will come after correction

BNB will bounce off $24 
Binance Coin (BNB) price chart by TradingView

User AlexWinkler doesn't believe BNB has sold off due to the halting of US accounts. They have super bullish news with their new Binance US exchange + all ALT's sold off some over 60% while BNB is around -50%. The current period is a correction – BNB has all chances to start bouncing and reach $24 resistance line in the nearest weeks.

From $20 to $50

BNB will touch $50 level after going to the bottom
Binance Coin (BNB) price chart by tradingview

The analysis of this chart was made only with Fib. Retracement and Fib. extension. Check out this precision of extreme Fibonacci calculations. RomanSanetrik is claiming that TA is working, and he seems to be right. The bigger is Time Frame, the more precise is the target. On this chart, we can see that BNB might touch the lower support zone (around $18-19) but then retrace and touch $50 level in the longer term.

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BNB/BTC is risky but rewarding

There’s a great risk/reward chance to trade BNB
Binance Coin (BNB) price chart by TradingView

On the chart, we can see BNB has been into multi-year trendline here, which is also the 78% retrace from all-time highs. The level is a little risky but the reward is great if the recent lows hold.

Bottom Line

BNB is expected to grow exponentially – we just need to wait a bit. If the altcoin season has truly started, BNB will surely overcome $24 resistance in September-October. Right now, we can wait for an ideal chance to enter and buy BNB. You can do it right not at $20 level, or wait for BNB to touch $18-19 support (which also can happen).

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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