Binance Gold coin (BNB) is constantly on the achieve consecutive 2019 all-time highs and it is success has some analysts wondering whether it will outshine Bitcoin within the lengthy-term.
On Tuesday Binance Gold coin (BNB) [gold coin_grain gold coin=binance-gold coin] notched a brand new all-time a lot of $32.43 since it’s market capital hopped over $4 billion.
The seventh largest cryptocurrency by market cap has surged 16.46% in the last 48 hrs, 36% in the last week, and 502% in 2019. Multiple timeframes show BNB is overwhelmingly bullish and everybody is wondering how high the altcoin can run.
Let’s take a look at the charts to determine exactly what the future could hold for BNB.
Binance Gold coin Cost Analysis: 4-HR Chart
BNB is constantly on the set greater highs and trades well over the climbing trendline that held since Feb. After reaching a brand new USD high at $32.43, BNB takes a brief breather to consolidate and also the RSI has retracted from 76 and presently descends below 66.
As seen around the 4-hour chart, BNB is clearly inside a stair-step pattern and also the process seems to become repeating itself as BNB consolidates to organize for the following advantage.
During the time of writing some-hour MACD is entered bearish and climbing down from overbought territory also it ought to be noted the daily MACD is easily the most extended it’s been since The month of january 2018 when BNB arrived at its previous all-time a lot of $25.13.
Within the short-term BNB could pullback to $30.80 and additional to $29.86 in which the 20-MA from the Bollinger Band indicator is situated. A complete retrace of Tuesday’s gains will bring BNB to $28.39 which point also aligns using the climbing trendline which is not damaged since March 19.
BNB/USDT 1-Hour Chart
The Fir-hour chart show BNB underneath the middle arm from the Bollinger Band indicator so that as both bands then the RSI descends underneath the climbing trendline, it’s entirely possible that BNB could pullback towards the levels pointed out above.
BNB/BTC Daily Chart
the BNB-BTC pairing also switched bullish as BNB set a greater low over the 12 and 26 EMA and also the 12 EMA is near crossing over the 26EMA and also the daily MACD is bullish contributing to to rollover .
Unarguably, BNB’s cost action has been driven by successive IEOs combined with BNB and also the new lottery system, which requires applicants and participants to carry an established quantity of BNB.
Surely the approaching Harmony IEO on May 27, the launch of Binance DEX and up to date bulletins such as this one from Binance Chief executive officer Changpeng Zhao support BNB’s rapacious advance to new all-time highs.
[Disclaimer: The views expressed in the following paragraphs aren’t should have been investment recommendations. Market information is supplied by Bitfinex. The charts for that analysis are supplied by TradingView.]
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Original source: https://bitcoinist.com/binance-coin-price-shine-bitcoin-direction/