After a slight pullback on 8 July, the Binance Coin price seems to have resumed its upward trend with a climb to the $330 mark. BNB has been on a consistent rise since 1 July when the price was around $281 and with the $331 level registered over the past 24 hours, the gain is over 15%. If you haven’t taken the plunge with Binance, it would be useful if you checked out this How To Buy Cryptocurrency Beginners Guide.
As indicated, the Binance Coin Price seems to be hovering between the $320 and $340 levels with a possible push up to the $400 mark very soon. The FUD that came out with London attempting to crack down on the Binance Exchange didn’t have much of an effect it seems. However, pitfalls obviously remain, especially in the short term.
Binance Coin Price Short Term Prediction: Rally To $360 On The Cards?
Binance Coin seems to be consolidating between the $320 and $350 levels for another move upwards. The next resistance level appears to be the $360 mark where the rally might fizzle out. However, if buyers come into the market, then things might change and a push up the $400 mark would be a realistic possibility.
With BNB playing around between the $320 and $340 mark, there appears to be movement for a leg up. However, a bearish thesis could come into play if the $320 level is breached. The support level of $300 could be tested with a further price below that level signifying lack of strength. The $270 level could also be a distinct possibility and even another smallish drop to the $265 level where support should hold for another bounce back.
A bullish thesis will invalidate this scenario if BNB continues ascending from the $321 mark. The next levels of resistance would be $345 and $361. This spike would be an appreciable 20% gain from the $300 mark, a level the Binance Coin was at just a few days ago. If you’re interested in buying some crypto have a look at these Best Cryptocurrency Brokers.
Long Term Scenario For BNB: A Rise Back To $600?
The possibility of seeing Binance Coin rise to the $600 mark is not an utterly fantastic proposition. It is true that the fall from that height was brutal and sudden but currently the coin is holding well. Considering the assault on cryptocurrency and exchanges in general from several quarters, BNB’s performance has been remarkable.
Several predictions still have the Binance Coin topping the $600 level again by the end of the year. Even if it doesn’t reach that level, it is still a remarkable 1000% up over January prices which is a huge achievement.
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Gerald Fenech
