Binance Coin Cryptocurrency Forecast
Stronger technical forecast for Binance Coin cryptocurrency price after Saturday trading.
(Updated on May 04, 2024)
The Binance Coin cryptocurrency price gained 4.24% on the last trading day (Saturday, 4th May 2024), rising from $563.10 to $587.00. During the last trading day the cryptocurrency fluctuated 5.56% from a day low at $558.90 to a day high of $590.00. The price has fallen in 7 of the last 10 days and is down by -3.17% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 447 million more shares were traded than the day before. In total, 632 million shares were bought and sold for approximately $370.75 billion.
The cryptocurrency lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $566.68 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 90.60% during the next 3 months and, with a 90% probability hold a price between $1,080.08 and $1,276.66 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. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $582.73 and $579.74. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, April 26, 2024, and so far it has fallen -4.27%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Binance Coin cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $555.40 and $537.50. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, Binance Coin finds support just below today's level at $555.40. If this is broken, then the next support from accumulated volume will be at $537.50 and $528.90.
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 $31.10 between high and low, or 5.56%. For the last week, the cryptocurrency has had daily average volatility of 5.40%.
Our recommended stop-loss: $558.79 (-4.81%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (BNBUSD) For The Upcoming Trading Day Of Sunday 5th
For the upcoming trading day on Sunday, 5th we expect Binance Coin to open at $578.63, and during the day (based on 14 day Average True Range), to move between $557.91 and $616.09, which gives a possible trading interval of +/-$29.09 (+/-4.96%) up or down from last closing price. If Binance Coin takes out the full calculated possible swing range there will be an estimated 9.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $592.80 (0.99%) than the support at $555.40 (5.38%), 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 Sell to a Buy candidate.
Current score: 4.533 Buy Candidate Upgraded
Predicted Opening Price for Binance Coin of Sunday, May 5, 2024
| Fair opening price May 5, 2024 | Current price |
|---|---|
| $578.63 ( 1.43%) | $587.00 |
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 | 609.73 | 3.87 % | |
| R2 | 597.85 | 1.85 % | ||
| R1 | 590.51 | 0.599 % | ||
| Current price: | 587.00 | |||
| Support | S1 | 566.75 | -3.45 % | |
| S2 | 559.41 | -4.70 % | ||
| S3 | 547.53 | -6.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 604.60 | 3.00 % | |
| R2 | 603.20 | 2.76 % | ||
| R1 | 592.80 | 0.99 % | ||
| Current price | 587.00 | |||
| Support | S1 | 555.40 | -5.38% | |
| S2 | 537.50 | -8.43% | ||
| S3 | 528.90 | -9.90% |
FAQ
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