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On-chain Data Shows Rise In Demand for the BNB Coin, Will BNB Outperform BTC?

On-chain Data Shows Rise In Demand for the BNB Coin, Will BNB Outperform BTC?


Why Is Binance Coin (BNB) Price Surging? Among many reasons recent 1 billion USD fund for project development of DApps on the Binance Smart Chain [BSC] is one major catalyst fueling the BNB price. 

The crypto data tracking service, Santiment spotted an increase in demand for BNB on wallets with BNB whales acquiring roughly 412K BNB in recent weeks. The move shows that big money remains bullish on the BNB coin in the face of regulations.

The BNB burn protocol is another interesting bullish catalyst for the BNB token price as the bulls hold on to their positions in wait for this event.

A dive into the price chart should also give us further insights into significant patterns and technical drivers of the BNB price.

Binance (BNB) Weekly Chart Analysis

Both bearish and bullish divergence price vs. oscillator patterns keeps the BNB price hovering within the $680 resistance and $211.70 support. 

The recent bear trap candlestick pattern on 20 September prepares a bullish tone for a price increase beyond the $509.90 resistance and heading to the $680.00 ATH.

The RSI [4] couldn’t reach level-25, which therefore represents a bullish outlook for the BNB price.

A breakout above the $680 resistance could see the BNB price rising into four-figure price zones for the first time.

Binance (BNB) Daily Chart Analysis

Following a collapse of hidden bullish divergence trend lines on 07 September ‘21, the BNBUSDT price slumped by roughly 23%, then quickly reversed to the upside by an opposing regular bullish divergence on 28 September ’21.

The bulls have re-established control as the RSI enters the overbought area for the second time at press time.

Meanwhile, an impending bearish divergence setup is projected around the $518.90 resistance. On the other hand, a surge in bullish momentum may see the RSI shooting beyond the 85-level, therefore, nullifying the anticipated reversal pattern.

Binance (BNB) 4HR Chart Analysis

The 4HR time frame follows a similar price dynamics as the daily time frame with an opposing regular bullish divergence on 12 October ’21 at 08:00. This led to a parabolic upswing for the BNB price and soaring above the 07 October 12:00 resistance [$446.60].

Raging bulls could use the old $446.60 resistance as new support, which is a possible upward scenario for the BNB price. A prolonged correction phase could see the price dropping to the $424.00 support.

Binance (BNB) Intraday Levels

  • Spot rate: 468.4
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $392.20, $424.0, and $446.60
  • Resistance: $473.0 and $518.90

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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