Binance Coin Technical Analysis: BNB INR Price Poised to Hit 25,000 Soon
BNB price in the past week maintained an uptrend and hence a target beyond $700 appears to be fast approaching. Despite this, the short-term trend is pretty bullish, yet the long-term analysis points towards a possible correction.
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- The BinanceCoin price closed the previous day’s trade at INR 20,620.58 with a market capitalization of INR 3.45 trillion and a circulating supply of 161.33 million BNB
- The asset is attempting very hard to maintain a significant upswing since the monthly lows aiming for another 20% upswing in the coming day’s
|INR 3.34 trillion
Check latest BNB INR Price, Charts, and Data.
Binance Coin Technical Analysis for July 2022
The BinanceCoin price since the beginning of July’s trade has maintained a significant upswing after an extended consolidation in June. The asset is constantly forming higher highs and lows and ranging high towards the immediate resistance close to INR 25,000. However, the bears are attempting to take back control, but may not succeed.
No doubt the asset in its previous attempts has failed miserably to break out of the bearish trend, the current attempt may be a little diverse. Buying volume has mounted significantly and hence the bears may be kept aloof for some time. The BNB price could nullify the bearish impact and eventually trade above INR 26,000 by the end of July.
Additioanl Read: BNB Price Prediction
Technical Analysis at a Glance
|The price has undergone a rejection but appears to have nullified the bearish impact and may resume moving towards north very soon
|The asset in the mid-term is feared to undergo a minor pullback as the bulls appear to have got exhausted
|The BNB price has just flipped from the lower support and hence may keep up the bullish momentum for a longer time ahead
Impact of Crypto Crash on BNB Price
Binancecoin once had shaken the entire crypto space with its 100x rally in 2021. However, the bearish trend that began soon after the asset was on the verge to mark new highs was further fueled by the crypto crash. The asset that had plunged nearly 47% amid the bearish trend, further dropped by another 30% as a result of the crypto crash.
Hence most of the assets including BNB price dropped more than 80% since their highs. Along with the massive drop in their portfolio, Indian traders underwent an equivalent attack from the government. The authorities imposed a hefty 30% tax on the profits incurred and 1% TDS on every transaction. The most surprising thing is that losses will not be considered while paying taxes.
This has impacted the volumes of the exchanges severely at the momentum, which is expected to be overcome very soon.
Read more on 1% TDS on Crypto
Technical Indicators & Pivot Levels
|Relative Strength Index(RSI)
|52.27 / 55.20
|Neutral / Buy
|315.05 / 341.83
|Buy / Buy
|Average Directional Index(ADX)
|32.86 / 32.86
|Sell / Sell
|38.12 / 42.25
|Sell / Sell
|-185.06 / -280.99
|Sell / Sell
The BinanceCoin price is pretty bullish in the short-term while significantly bearish in the long term. The RSI in the STF is rising high indicating the growing strength in the rally. On the other hand, MACD is also somewhat bullish, indicating a short-term bounce may be largely incoming.
Conversely, the long-term analysis is extremely bearish as all the indicators are pointing towards a ‘sell’ signal. However, the asset is highly volatile in the short -term & less volatile in the long term. Therefore, short-term trade appears to be pretty risky at the moment as the price may oscillate extremely regardless of the direction.
Also Read: Top 10 Crypto to Invest
BNB ON CHAIN METRICS Analysis
- The daily active address has hit the lower levels
- The MVRV ratio has fallen much below the price and hence points out for the asset is undervalued.
Binance Coin Technical Analysis for Short Term
- The BNB price in the short term appears to have bounced off from the bearish captivity as the asset withstood the bearish trend along the middle bands of the channel
- The rebound clearly signifies the tendency of the asset to keep up the bullish trend nullifying the bearish impact
- However, the asset is poised to test the upper resistance in the upcoming days and also may get rejected
- On the other hand, a rebound may be expected much before without shedding many gains, aiming to hit INR 22,000 at the earliest.
Binance Coin Technical Analysis for Long-Term
Source: Trading View
- A similar forecast can be framed for the long-term as the asset is swinging within an ascending triangle
- The price, no doubt, faced notable rejection from the resistance but eventually is expected to ignite a rebound very soon
- The price could consolidate within the triangle marking some highs and lows and head towards the apex of the triangle
- By the end of the first fortnight of August, the BNB price may encounter a crucial phase, where-in a strong breakout may uplift the price close to INR 25,000 or rejection may compel the price to revisit INR 20,000.
Where & How to Buy Binance Coin(BNB)?
Want to buy BinanceCoin (BNB)? Get the best deals here on CoinDCX! Register with us by following 3 simple steps,
- Download CoinDCX App on your smartphone
- Enter your details and get verified
- Fund your wallet and buy BNB coin
You can also consider our newly launched product, Crypto Investment Plan(CIP) if you wish to invest in weekly installments.
Prices as of 14th July, 2022
Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.
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