Binance Coin has broken its uptrend in the past week after a price rally. The cryptocurrency has been highly volatile although the volatility has declined greatly in the current timeframe. The price actions indicate towards a consolidation. At the time of press, Binance Coin stands at a price level of $333. In the past twenty-four hours, the price of BNB coin has been stable with next to no change. The past week has only seen a growth of 4%. The daily trading volume of the cryptocurrency has increased by 17%. Binance Coin is the fourth largest cryptocurrency in the market with a capitalization of $55 billion.
Technical analysis
The market sentiment for Binance Coin continues to be bullish despite the subpar performance of the cryptocurrency. Twelve of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position and only four indicators are bearish with a signal of sell. The Oscillators are neutral while the Moving Averages are strongly bullish.
Binance Coin had been operating in an ascending channel formation. The channel had been under formation since 20th July when the crypto market moved towards bullish momentum. BNB coin has been oscillating up and down inside the channel. The price level of $337 is a strong horizontal support level. The cryptocurrency has had a pullback to the upside from the supporting level and if the level continues to hold as support, bullish momentum can sustain. The price target for BNB coin is at $376 but the target will only be activated if the bulls go strong.
Binance Coin price projections
The price target of $376 may be achievable for the cryptocurrency in the short-term because BNB coin’s future projection is highly bullish. According to the projections of Wallet Investor, the one-year price of Binance Coin lies at $665 while the five-year projection is at a staggering $1993. Digital Coin Price is also optimistic for the future of BNB coin. Per their estimates, the year-end price of 2021 will be at $520 while the price is expected to climb towards $1,299 by 2027.
