The cryptocurrency world is always in search of the next “Bitcoin”. Many investors delve themselves into learning about new tech and changes in the crypto sphere. Craving a “get rich quick” is not a bad thing, but it is always essential to go for a full background analysis, the possible downside potential. In this article, we will analyze an interesting coin that has high potentials in 2021.
Binance Coin Price Analysis: Major price move is underway?
Binance Coin Price Analysis: BNB/USD 1 Day Chart: TradingView
In the last 24 hours, the BNB coin price has increased by almost 7.8%. At the time of writing this article, the Binance coin price is sitting at $33.16. The interesting thing here is that in the last one year the BNB price has increased by almost 145%. This displays that the coin is showing steady and stable growth which is always good in the long term.
Now, as per our daily price chart, the next possible resistance level could be at $36.83. Above that, the next notable price spot is $42.83, a significant level. Nevertheless, it looks that the BNB price is meeting very little resistance to the upside and it is on the path of the $50 mark. But we all know that after every rise, there is a fall. If not now, shortly. It will be interesting to see how the BNB price performs in the next 7 days.
Binance Coin Price Analysis: BNB Coin and The Year 2021
Binance Coin Price Analysis: BNB/USD 1 Week Chart: TradingView
When it comes to guessing the market status of Binance Coin in the year 2021, the important question is will BNB continue to keep its market standing and confidence. This is due to the numerous developments that are occurring on the platform. The crypto market has given good treatment to Binance Coin in 2020.
If this stable uptrend remains, the BNB price may have the possibility to conclude the year with a bullish price of $35. It could even touch a high price of $40 if the market remains to support Binance Coin. On the opposite, if the market changes its course against the BNB coin then it might cut its price to $28.41 below the Fibonacci level displayed above.
Furthermore, the Binance Coin conventional price forecast in 2021 could be between $26 to $31. It could even go as high as $35-$40 in one of the quarters only if the market proceeds to believe in the coin.
Conclusion
Keeping in mind the retracement, traders can expect possible price corrections in order to open the market. Right now, Binance coin has a market cap of $4,760,043,408 with a circulating supply of 144,406,561 BNB. Since prices are solely based on tech improvements and supply/demand, prices might find it difficult to just x2 or x3 in 2021 but it could display steady growth.
