Binance Coin Cryptocurrency Forecast
Weaker technical forecast for Binance Coin as cryptocurrency downgraded to Hold/Accumulate.
(Updated on Jul 02, 2024)
The Binance Coin cryptocurrency price fell by -0.742% on the last day (Tuesday, 2nd Jul 2024) from $581.33 to $577.01. During the last trading day the cryptocurrency fluctuated 1.25% from a day low at $573.83 to a day high of $581.01. The price has been going up and down for this period, and there has been a -1.8% loss for the last 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -159 million shares and in total, 2 billion shares were bought and sold for approximately $883.31 billion.
The cryptocurrency lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $562.35 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 4.87% during the next 3 months and, with a 90% probability hold a price between $589.72 and $750.10 at the end of this 3-month period.
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BNBUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 3.15%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Binance Coin cryptocurrency holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock. On further gains, the cryptocurrency will meet resistance from the long-term Moving Average at $608.23. On a fall, the cryptocurrency will find some support from the short-term average at $576.36. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Binance Coin cryptocurrency
Binance Coin finds support from accumulated volume at $561.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the cryptocurrency moved $7.18 (1.25%) between high and low. For the last week, the cryptocurrency has had daily average volatility of 1.84%.
Our recommended stop-loss: $544.46 (-5.64%) (This cryptocurrency has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (BNBUSD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Binance Coin to open at $577.28, and during the day (based on 14 day Average True Range), to move between $559.42 and $594.60, which gives a possible trading interval of +/-$17.59 (+/-3.05%) up or down from last closing price. If Binance Coin takes out the full calculated possible swing range there will be an estimated 6.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $580.40 (0.59%) than the support at $561.50 (2.69%), 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?
Binance Coin holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.662 Hold/Accumulate Downgraded
Predicted Opening Price for Binance Coin of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
$577.28 ( 0.0468%) | $577.01 |
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 | |
---|---|---|
R3 | 584.46 | 1.29% |
R2 | 581.72 | 0.82% |
R1 | 580.03 | 0.522% |
Price | 577.01 | |
S1 | 574.54 | -0.429% |
S2 | 572.84 | -0.722% |
S3 | 570.10 | -1.20% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 692.90 | 20.08% |
R2 | 669.90 | 16.10% |
R1 | 580.40 | 0.587% |
Price | 577.01 | |
S1 | 561.50 | -2.69% |
S2 | 559.40 | -3.05% |
S3 | 553.10 | -4.14% |
FAQ
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