Binance Coin price ready for new all-time highs, according to technicals

  • Binance Coin price had a V-shape recovery after a 20% crash in the past 48 hours.
  • The digital asset remains heavily bullish in the long-term according to various metrics.
  • The number of large holders of BNB continues increasing rapidly. 

Binance Coin price had a 20% dive in the last 48 hours amid overall market weakness. However, the Ethereum rival has managed to recover faster than other coins and aims for new all-time highs.

Binance Coin price is only one key resistance level away from new highs

On the 4-hour chart, Binance Coin price had a massive bounce from a low of $428 and is trading at $528 at the time of writing. The digital asset needs to climb above the 50-SMA at $532 to regain short-term bullish momentum.

bnb price

BNB/USD 4-hour chart

One of the strongest metrics in favor of BNB is the number of large holders which continues to rise. The number of olders with 100 to 1,000 coins and 1,000 to 10,000 coins has been in a massive uptrend since the beginning of 2021, the first group rising by almost 100%. 

bnb price

BNB Supply Distribution 

This metric shows that large investors are extremely interested in BNB even at current prices. Additionally, the Market Value to Realized Value, MVRV (30d), shows the average profit or loss of BNB tokens moved in the last 30 days has cooled off to almost 0%. 

This displays that BNB has a lot of room for more upside price action and is not at risk of another correction. 

bnb price

BNB MVRV ratio (30d)

Furthermore, the network activity of Binance Coin continues to explode as the number of active addresses in the last 24 hours has hit a new all-time high at 113,000 indicating that the current bullish momentum has a lot of strength behind it. 

bnb price

BNB Network Growth

However, on the 3-day chart, the TD Sequential indicator has just presented a sell signal, which has proven to be reliable in the past three months. The 12 EMA support has held Binance Coin price since the beginning of 2021 and will be the bearish price target at $420 if the signal is confirmed. 

bnb price

BNB 3-day chart

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

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC set to retest $56,000

Bitcoin price is heading lower following a break below a critical support trend line. The leading cryptocurrency is now exposed to a downside target of $56,568. The BTC IOMAP model suggests that the bellwether cryptocurrency is unlikely to drop below $56,000.

More Bitcoin news

Chainlink price faces minor sell-off before resuming uptrend

Chainlink price is witnessing its uptrend retreat following a technical signal that indicates the token has reached its local top. LINK is headed lower to retest critical support levels as the bears target $28.61 next. The token may fall toward the lower boundary of ...

More ChainLink news

SafeMoon price prepares to escape from prevailing downtrend with 60% ascent

SafeMoon has been locked in a downtrend since May 23, with little ambition to reverse the period of sluggish performance. While it's trapped in the prevailing consolidation chart pattern, an escape above $0.00000288 could spell trouble for the bears.

More SafeMoon news

XRP price on the cusp of massive decline if this critical support level fails to hold

XRP price is trapped within a recent downtrend as the momentum has flipped to the downside. Ripple lagged behind while other cryptocurrencies, including Bitcoin and Ethereum, recently witnessed rallies reaching new all-time highs. 

More Ripple news


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast