Binance Coin (BNB) rises to all-time high – Altcoins are spinning up

16. Februar 2021 Aus Von admin

In addition to Bitcoin (BTC), the Altcoins in particular are still in a rally mood. The sector rotation continues suddenly and is currently bringing many high flyers of 2017 to new life.

Bitcoin (BTC) can build a new all-time high this week and almost climb the next important psychological mark of USD 50,000 at USD 49,730, but many altcoins of the crypto reserve currency are currently stealing the show. After it was primarily crypto currencies from the Bitcoin Freedom sector in the past few months, in the past trading week there are many crypto veterans such as Dash (DASH) or Litecoin (LTC) who were able to shine with a strong performance. On the other hand, the high flyer of the last few weeks, Dogecoin (DOGE), has dropped significantly in value this week and, after a brief visit, slipped back to 13th place among the top 10 Altcoins.

The price of Binance.com’s in-house cryptocurrency has been trending significantly north in the last two weeks of trading and can reach a new all-time high at USD 150. In addition to the strong influx of new customers on the world’s largest crypto exchange, it is the announcement of new Initial Coin Offerings (IOS) based on the Binance chain that is ensuring an increasing demand for BNB coins. In the last 14 trading days, the BNB rate rose by more than 200 percent.

Bullishe Variante (Binance Coin)

At the beginning of the trading week, the BNB price reached the 423 Fibonacci extension of the higher-level price movement and has thus reached a strong resistance area. Although the price is currently trending slightly below its all-time high at USD 132, as long as it can stabilize above the cross support of the EMA20 (red) and the supertrend at USD 94, a new attack in the direction of the 461 Fibonacci extension at USD 161 is likely. If the price of BNB also crosses this resistance level, investors will focus on the 561 Fibonacci extension at USD 194. If the need remains high in the course of the factors mentioned, an increase to the 661 Fibonacci extension is also conceivable in the medium term.

Bearishe Variante (Binance Coin)

On the other hand, if the BNB rate slips back below the EMA20 (red), the correction could initially extend to the 200 Fibonacci extension at USD 73. This is also where the outbreak level from Monday, February 8th runs. If this support is also dynamically undershot, a correction towards USD 60 (Fibonacci 161 extension) and below it to USD 52 (Fibonacci extension 138) is conceivable. The EMA100 (yellow) is currently also running in this area, which is why increased resistance from the bulls is to be expected. If the BNB rate falls below this sliding support in the course of a correction in the overall market, a retest of the breakout area between USD 44 and USD 39 must be planned. The EMA200 (blue) also runs here, which is to be seen as the maximum bearish price target for the coming weeks.

Indicators: RSI and MACD in the overbought state

The RSI reached its high for the week at 91 and is currently trending slightly south. In doing so, he reduces the overbought condition. With a value of 82 it still shows a clear buy-signal. The same can be seen in the MACD indicator, which supports the bullish valuation. A similar picture emerges from a weekly perspective. Like the MACD, the RSI has activated an active buy signal, which underpins BNB’s bullish valuation in the medium term.