While we see the development of a new upward momentum in the crypto market, Binance Coin is benefiting from the widespread positivism, although not as much as other participants, if you want to discover where this coin can go during these last months of 2021, check the technical analysis we do in this post.
At the time of this writing BNB is trading at $ 486.5, accumulating a loss of 0.51% in the last 24 hours, but maintaining a gain of 19.18% during the last 7 days.
The good performance of the last few weeks has generated a clear uptrend in the short term, but can this direction take the price higher? Let’s find out below.
Binance Coin 2021 Analysis and Forecast
In the daily time frame of the BNB vs USDT chart, we observe the uptrend mentioned in the previous paragraph, composed of increasingly higher lows and highs.
Currently a small setback is in development, and at the moment it seems that it could end soon to make way for a new momentum.
To think that a relevant correction is going to occur, the support at $ 450.00 must be broken. As long as this does not happen, it is more likely that we will see more profit in the next hours / days.
The closest resistance is at $ 602.00. Higher up, the next target is the previous all-time high, located at $ 691.80.
When we do an analysis of the weekly candlestick chart the outlook is more encouraging, as we see that the recent gains are signifying the resumption of a fairly large uptrend, which could take the price of Binance Coin towards new all-time highs, probably before it ends. 2021.
After long months of retreating, we now see that it is the bulls who are in control, a strength that was confirmed after the resistance at $ 428 was crossed.
The moving averages 8 EMA and 18-week SMA have been crossed again to the upside, indicating a resumption of the previous trend.
Now the momentum seems to be quite developed and losing steam. This behavior may be leading to a fix; however, it is not a good idea to sit and wait for a fall.
BNB has the ground clear until the supply zone left by the all-time high. And most likely, not even this barrier is a relevant obstacle to the upward strength of the trend.
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