BNB Coin forecast shows that the price is aiming for new yearly highs while the coin remains undervalued as we are reading more in our Binance coin news.
If Binance Coin can flip the resistance at $27.45 and the $36 into the support zones, the way to a new yearly high will be cut out. BNB/USD reacts to the short-term double-top pattern support $23 and the 100 SMA and the 50 SMA that it set to play a crucial role. BNB, the official digital coin of the biggest crypto exchange by daily volume and users, shows a gradual retreat from the 1-hour timeframe. Following the break above $25, the BNB coin forecasts shows traders at $23.24 while looking for support, above $22. The short-term technical analysis using the RSI index shows a bearish building trend as the sellers are taking back control. We will try and find out the ability of the BNB coin to continue with the push for new yearly highs of it could either succumb to the selling pressure and drop below $20. According to TokenInsight’s report:
“it is always difficult to provide accurate valuations for digital assets.” There exists no uniform industry standard or completely reliable valuation method to discover the true value of digital assets. However, the emergence of exchange-based tokens like BNB brings forth “inherent properties of stable currency flow, allowing the foundation of a fair price.”
TokenInsight is the first to come up with these kinds of reports which find that Binance Coin is now undervalued. The entire ecosystem has grown significantly in the recent past especially with the acquisition of CoinMarketCap and the launch of the Binance Smart Chain and the mining pool. With these developments underway, the price of the token increased consistently and the value reports also show a price target of $27.45 for BNB and the comparable estimate of $43.83. The short-term 1-hour chart outlined a bearish picture for Binance but the 3-day charts showing that Binance is the initial stages of the possible rally to the new yearly highs.
The price flipped the 50 MA into a support zone which seems enough to push Binance into another rally. The two resistance zones have to be turned into a support zone for the bullish case to come into the picture. The charts also show that BNB is trading above the descending channel resistance and its impact can still push BNB upwards.
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