Binance Coin Price Prediction — Will BNB Hit $700 Soon?
In Binance Coin (BNB) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about BNB to analyze the future movement of the cryptocurrency.
BNB Current Market Status
According to coingecko, the price of BNB is $400.92 with a 24-hour trading volume of $1,425,200,306 at the time of writing. However, BNB has increased to 2.4% in the last 24 hours.
Moreover, BNB has a circulating supply of 168,137,035 BNB. Currently, BNB trades in cryptocurrency exchanges such as Binance, CoinTiger, Huobi Global, FTX, and Bybit.
What is Binance Coin (BNB)?
Binance Coin is a cryptocurrency used to pay and trade in Binance’s own cryptocurrency exchange. The exchange was the largest crypto exchange in the world as of January 2018, facilitating over 1.4M transactions per second. Binance Coin users receive a discount on Binance Exchange transaction fees as an incentive.
BNB can also be traded or exchanged with other cryptos. It was created in July 2017 and worked on the Ethereum blockchain with the ERC-20 token before it became Binance’s own blockchain, Binance Chain’s own currency.
Binance Coin (BNB) Price Prediction 2022
Binance Coin holds the 4th position on CoinGecko right now. BNB price prediction 2022 is explained below with a daily time frame.
The above chart shows the triangle pattern. A triangle pattern is a consolidation pattern that occurs mid-trend and usually signals a continuation of the existing trend. The triangle chart pattern is formed by drawing two converging trendlines as the price temporarily moves in a sideways direction. Triangle provides an effective measuring technique for trading the breakout.
Currently, BNB is at $400.92. If the pattern continues, the price of BNB might reach the resistance level of $456.6 and $505.8. If the trend reverses, then the price of BNB may fall to $336.3.
Binance Coin Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of BNB is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. From the mid of October to till at the time of writing, RVOL of BNB lies below the cutoff line, indicating weaker participants in the current trend.
More so, the BNB’s Moving Average (MA) is shown in the chart above. Currently, BNB is in a bearish state. Notably, the BNB price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of BNB at any time.
Meanwhile, the relative strength index (RSI) of the BNB is at level 42.11. This means that BNB is in a nearly oversold state. However, this means a major price reversal of BNB may occur in the upcoming days.
Binance Coin Price Prediction 2022 — ADX, RVI
Let us now look at Binance Coin’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System. This system attempts to measure the strength of price movement in the upward and downward directions using DMI indicators with ADX.
The above chart represents the ADX of the Binance Coin. Currently, BNB lies in the range of 23.1, so it indicates a weak trend.
From the above chart, the Relative Volatility Index (RVI) of BNB. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of BNB is below the 50 levels, indicating that the direction of volatility is low. In fact, BNB’s RSI is at the 42.11 level thus confirming a potential sell signal.
Comparison of BNB with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and Binance Coin.
From the above chart, we can identify the trend of the ETH, BTC, and BNB is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and BNB also increases or decreases respectively.
Conclusion
With continuous improvements in the Binance Coin network, we can say that 2022 is a good year for BNB. For this reason, the bullish price prediction of Binance Coin in 2022 is $650.5. On the other hand, the bearish BNB price prediction for 2022 is $185.1.
Furthermore, with the advancements and upgrades to the BNB ecosystem, the performance of BNB would rise to reach above its new all-time high (ATH) of $686.31 very soon. But, it might also reach $700 if the investors believe that BNB is a good investment in 2022.
