Binance Coin (BNB) Price Prediction 2022

Binance Coin [BNB] climbed to an all-time high of $720 during trading session on 6th June before witnessing a minor correction.

Binance Coin [BNB] hit a fresh all-time high during trading on 6th June, reaching $720 before undergoing a slight correction.

CoinMarketCap data showed that at press time, the altcoin was changing hands at $706, down by 2% from its all-time high.

Demand for BNB surges

Prior to 3 June, BNB had been trading within a horizontal channel. This channel is formed when an asset’s price consolidates within a range for an extended period. The upper line of this channel forms resistance, while the lower line forms support.

In the case of BNB, bears had created resistance at $632, while bulls defended the coin’s price at $518, forming long-term support.

Thanks to a surge in buying activity over the last month, BNB rallied above the upper line of this horizontal channel on 4 June, closing the day at $686.

Bulls have since maintained this uptrend as buying momentum outweighed selling activity in the BNB market over the past few days.

This was evident from readings from the coin’s momentum indicators. For instance, BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) stood at 77.82 and 75.91, respectively, at the time of writing.

At these levels, these indicators showed that buying activity was outpacing profit-taking activity among BNB traders.

Confirming the surge in demand for the coin, its Chaikin Money Flow (CMF) was seen resting above the zero line at 0.20.

This indicator gauges the momentum of money flow into and out of an asset’s market. A positive CMF value is an indication of market strength. This, in turn, suggests that liquidity is being supplied as coin accumulation trumps distribution.

Furthermore, signaling that bulls were dominating bears, BNB’s Elder-Ray Index was seen at 115.7. Since the coin broke above resistance on 4 June, the indicator has returned only positive values.

This indicator gauges the relationship between the strength of buyers and sellers in the market. When its value is positive, bull power is dominant in the market.

BNB/USDT daily chart. Source: TradingView

Realistic or not, here’s BNB’s market cap in BTC terms

BNB may rally to trade as high as $754 if buying pressure is sustained.

Source: BNB/USDT on TradingView

However, if this is invalidated and profit-taking activity surges, BNB’s price may drop below $700 to trade at $690.

News source：https://www.kdj.com/cryptocurrencies-news/articles/binance-coin-bnb-price-prediction.html

The above is the detailed content of Binance Coin (BNB) Price Prediction 2022. For more information, please follow other related articles on the PHP Chinese website!