Binance Coin Cryptocurrency Forecast
Binance Coin cryptocurrency upgraded to Buy Candidate.
(Updated on Apr 24, 2024)
The Binance Coin cryptocurrency price gained 1.47% on the last trading day (Wednesday, 24th Apr 2024), rising from $597.40 to $606.20. It has now gained 6 days in a row. It is not often that cryptocurrencies manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the cryptocurrency fluctuated 3.27% from a day low at $598.70 to a day high of $618.30. The price has risen in 7 of the last 10 days and is up by 9.6% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 billion more shares were traded than the day before. In total, 1 billion shares were bought and sold for approximately $885.09 billion.
The cryptocurrency lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to rise 105.69% during the next 3 months and, with a 90% probability hold a price between $1,148.96 and $1,469.88 at the end of this 3-month period.
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BNBUSD Signals & Forecast
The Binance Coin cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the cryptocurrency has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $570.54 and $575.11. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Saturday, March 30, 2024, and so far it has fallen -1.04%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Binance Coin cryptocurrency
Binance Coin finds support from accumulated volume at $603.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $19.60 between high and low, or 3.27%. For the last week, the cryptocurrency has had daily average volatility of 4.73%.
Since the Binance Coin has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the cryptocurrency is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $582.29 (-3.94%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 25 days ago.)
Trading Expectations (BNBUSD) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Binance Coin to open at $607.73, and during the day (based on 14 day Average True Range), to move between $573.60 and $638.80, which gives a possible trading interval of +/-$32.60 (+/-5.38%) up or down from last closing price. If Binance Coin takes out the full calculated possible swing range there will be an estimated 10.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $606.50 (0.05%) than the support at $603.20 (0.49%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Binance Coin cryptocurrency A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Binance Coin cryptocurrency to perform well in the short-term. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.541 Buy Candidate Upgraded
Predicted Opening Price for Binance Coin of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $607.73 ( 0.253%) | $606.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNBUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 627.33 | 3.49 % | |
| R2 | 619.85 | 2.25 % | ||
| R1 | 615.22 | 1.49 % | ||
| Current price: | 606.20 | |||
| Support | S1 | 600.25 | -0.98 % | |
| S2 | 595.62 | -1.75 % | ||
| S3 | 588.13 | -2.98 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 612.60 | 1.06 % | ||
| R1 | 606.50 | 0.0495 % | ||
| Current price | 606.20 | |||
| Support | S1 | 603.20 | -0.495% | |
| S2 | 555.40 | -8.38% | ||
| S3 | 537.50 | -11.33% |
FAQ
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