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Binance Coin Short-Term Price Analysis: 12 June



Binance short-term price analysis: June 26
Source: Unsplash

Binance is one of the biggest exchanges in the world as it allows users to trade a myriad of cryptocurrencies with respectable volumes. Unlike others, the Binance platform remains intact during surges/crashes.

The exchange token [BNB], at press time, has suffered a drastic price drop following Bitcoin and is currently trying to recuperate. At the time of writing, 1 BNB was worth $16.70 and had a market cap of $2.6 billion, making it the 8th largest crypto on CMC. In the last 24 hours, the coin has undergone a drop of 3.3%, however, from the chart [attached below] more is yet to come.

1-hour chart

BNB has been forming higher highs since June 11 and has surged from $13 to $18.72. However, this ended as BNB printed a lower high at $17.76, since then the coin has also printed a lower low at $15.76.

Additionally, the drop was enforced as Bitcoin dropped yesterday from $9,700 to $9,100. The dominance of BTC caused BNB to drop down as well. BNB witnessed a 9.32% drop. However, since this drop, the coin has pumped 6% pushing the price to $16.7, where it currently stands.

Source:BNBUSD TradingView

The current position of BNB is not favorable as it has to breach resistance at $16.18. Assuming BNB closes above the $16.18, it would be bullish for the coin, as there aren’t strong resistance above this point, at least, until $17.22. In case of failure to breach the said resistance, the price will dip to initial resistance levels at $16.22 and $15.22.

If the sellers push through these, then the token could achieve the following targets, $15.25, $14.80, $14.44. These targets would be an 8%-13% drop from the current price of BNB. Additionally, the RSI has also seen a massive drop and a surge, similar to the price. Since the RSI is at the neutral territory, the price could sway either way.

Factoring in the correlation of altcoins [like BNB] with Bitcoin, it would be bullish if the BTC surged. However, this seems unlikely, as Bitcoin is also hinting at a drop to $8,000.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.