Binance Coin Price Analysis: Is BNB Rally Overheated?

binance coin performed with positive momentum
  • BNB performed with favorable momentum on Saturday’s trading session
  • Binance coin price is at $298.36, which is up by 12.80% in the last 24-hour time-frame and 133.30% up from the previous week
  • BNB/BTC pair is negative with 12.80% in Saturday’s trading session (0.0051922)
Source: TradingView

Binance Coin had bullish momentum on the weekly chart, and it went up to $342.88 on February 20, 2021, while breaking above the resistance zones created in the past. Whereas BNB price set a mark of an All-time high a few hours ago. Meanwhile, the market cap reaches $12,971,519,834, describing a rise in the amount of 13%, dominating the third position on Coinmarket cap after Bitcoin and Ethereum. The BNB/ETH pair is in a downtrend with a value of (0.145974) which is down by 14% in Saturday’s trading session. 

Binance Coin Technical Chart Indicates a Bullish Momentum

Source: BNB/USD on TradingView

The technical chart of Binance Coin highlights a positive trend. In contrast, Binance coin price is at $298.36. According to pivot points, the critical support level for BNB is placed at $230. Whereas if it moves up the key resistance levels to observe is $405. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish engulfing candlestick pattern.

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Volume indicator with the value (1.323M) reflects a selling volume in coin. Investors can further expect a decrease in buying volume in the upcoming trading sessions.

SMA-200, price is at $86.45, which acts as another strong support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

MACD indicator (VERY BULLISH), bullish crossover signal line spotted on February 20, 2021, indicated a strong buy signal in the coin during the trading session. Also, it denotes green bars on Histogram.

The RSI indicator (OVERBOUGHT) with a value of  indicates a strong buy signal in the coin. One can observe a decrease in value in future trading sessions because it is overbought.

Conclusion

Binance coin price is up by 13% on Friday’s trading session. The price is above the SMA of $86.45. Investors can expect the movement of price may cool down while looking at the current market situation. All technical indicators recommend a strong buy signal in the coin. 

Resistance: $405

Support: $230

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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