• BNB price circulating supply is 21 million coins, the most illiquid since July 2020 when BNB auctioned at $16.00".
  • Binance coin has rallied 75% since the June 19 bottom.
  • Invalidation of the uptrend is a breach below $180.

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer.

Binance Coin price may have bottomed

Binance coin price is beginning to show evidence of strength as the bulls have propelled towards previous highs established during the end of May. At current time, Binance Coin seems to be leading the way in terms of outperformance as most cryptos in the space have not come in such close proximity with their previous sell-off highs.

Binance Coin price currently auctions at $327, just a few dollars shy of the May 26 highs at $338. Auction market theory suggests a significant amount of liquidity has been placed above the spring-time high and market makers are likely aiming for said levels to heighten the volatility.
Furthermore, Santiment’s On Chain analysis tools confound the idea of a potential bull run. Specifically the Circulation Analyzer over the last 365 days suggests Binance coin price is coming to a significant low in terms of circulating coins.  At 21 million coins, the last time BNB saw such an illiquid market was on July 17 2020 when BNB price traded at $16.00.

tm/bnb/11/10/22

Binance coin price could very well be unfolding a larger wave up with a conservative target at $470. If FOMO madness gets involved, an extended target could land at and 700. It is best for investors to keep an invalidation at the $180 swing low until more evidence unfolds to support the macro thesis in the weeks to come.

tm.bnb.8/10/22

BNB/USDT/8/10/22 Possible Macro

In the following video, our analysts deep dive into the price action of Binance, analyzing key levels of interest in the market. -FXStreet Team

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price still stands a chance to rally to $1,500 for these reasons

Ethereum price still stands a chance to rally to $1,500 for these reasons

Ethereum price failed and was rejected at the 38.2% Fibonacci retracement level. There is a significant downtick in bearish momentum amidst the recent decline. Invalidation of an uptrend potential depends on the swing low at $1,006 remaining untagged.

More Ethereum news

Cardano (ADA) Price Prediction: A sweep of the summer lows in the making

Cardano (ADA) Price Prediction: A sweep of the summer lows in the making

Cardano price congestive nature continues during the final week of Sept. Despite the rest of the market experiencing volatile moves this week, the price has been quite stagnant. ADA currently auctions at $0.44 as the bears have prompted a 4% drop in market value.

More Cardano news

Japan to bring crypto within FATF Travel Rules by May 2023 to track illicit transfers

Japan to bring crypto within FATF Travel Rules by May 2023 to track illicit transfers

The privacy that comes with the use of cryptocurrencies has been both a bane and a boon for the community. Boon because it has made finances more of a personal affair but bane because it has also made it an effective medium of illicit financial activities. 

More Cryptocurrencies news

Top 3 Price Prediction: Why you shouldn't get overly bearish near these levels

Top 3 Price Prediction: Why you shouldn't get overly bearish near these levels

Bitcoin price has fallen penny-from-Eiffel style during the New York session on Tuesday, September 27. During the overnight session, the BTC price witnessed an 8% rally. The uptrend's move likely enticed retail traders to go long.

More Bitcoin news

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP