• Binance Coin is getting close to $500. Is it possible to retest the $700 levels?

  • After the flash crash shook everyone to their core, Binance Coin found support at $700. Are cryptocurrencies any safer, or will decentralized exchanges be better prepared to handle such flash crashes? A 50% price drop in a minute, followed by a retracement back to the same level, is a tense scene, especially when witnessed on the leading centralizing exchange governance token, the BNB.

    Binance Coin, with its recent rally toward $500, has created a significant gap between itself and its predecessor, Cardano, and intends to maintain that gap in order to control the third position. With a net market capitalization of more than $80 billion, we anticipate that the BNB price will at least retest its May 2021 high of around $700. Every other cryptocurrency in the top ten has moved closer to previous highs, while others have moved above them.

    Binance Coin popularized the benefits of a decentralized exchange, growing to be a multibillion-dollar company in less than four years. We first heard about Binance’s crypto exchange service in 2017, and in that short time, it has made a significant name for itself in the crypto space. From an ERC20 token to a full-fledged blockchain network, BNB has achieved massive success in terms of investor interest and stakeholder profitability.

    Analysis of the Binance Coin Price

    The BNB price is approaching the September 2021 high that we saw prior to the profit booking originations. Offering smart contract functionality has piqued the interest of more investors. Price action is ferocious, and the trend line is showing strength, but will it be a breakout, or will profit booking push prices lower once more?

    After failing to book on the rally, Binance Coin found a new buying sentiment, and this movement went against the buyers. Taking support from the $330 level has allowed BNB to retest the $500 resistance level that previously pushed it down in September 2021. $500 – $520 has emerged as a strong resistance level, while Binance Coin has found support at $330.

    As it currently rules the range close to $400, the 200 DMA is a strong support level for any price movement headed downward. On the candlestick charts, it now shows a level of $415, with $400 emerging as the immediate support level.

    Buying volumes have been seen taking a hit as a result of the rally’s sudden spike on October 12th, 2021. We anticipate a strong movement once $500 is breached, based on the trendline being respected and the BNB token approaching the resistance zone. Price action and RSI levels indicate that the sentiment will last far beyond $600.

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