Binance Coin Price Prediction: Whales take naps at the shore – FXStreet

binance-coin-price-prediction:-whales-take-naps-at-the-shore-–-fxstreet
  • 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.

You May Also Like

About the Author: Kate