Binance Coin (BNB) is cryptocurrency that was issued in July 2017 with Binance ICO and it’s used to pay fees on the Binance cryptocurrency exchange.
In 2018, the cryptocurrency market saw a significant correction causing the majority of coins to drop more than 70% and BNB wasn’t any difference with an 80% decline. However, since December 2018, the recover started over the market and BNB was one of only few coins that managed to rally to new all time highs ($43) in June 2018 marking a 50.000% increase in value from ICO.
Looking at the Daily chart of BNB/BTC, we can recognize a very technical structure taking place : impulsive 5 waves advance which took place since ICO then it was followed by a corrective 3 waves pullback into our extreme blue box area 0.0024 – 0.0011 which is a high-frequency area where the market is likely to end a cycle and make a turn. Therefore based on Elliott Wave Theory , BNB is looking at least to bounce in 3 waves from that inflection area and breaking above April 2019 peak will trigger the next bullish cycle higher indicating the coin will out-perform Bitcoin during the rally and aiming for a target at 0.0072 – 0.0083 area.
BNB/BTC Daily Chart 07.18.2019
As BNB already made new all time highs early this year, so it’s technically leading the move higher ahead of the major cryptocurrencies so consequently based on the correlation with Bitcoin, December 2018 is considered as a major low for the crypto-market and BNB created a higher highs sequence aiming for a minimum target at $63 and potential extension higher based on the expected Elliott Wave impulsive structure that could take it up toward $87 – $102 next year. (Targets were calculated using the current available data which is subject to adjustment later on )
BNB/USD Weekly Chart 07.18.2019
Conclusion:
Despite the recent drop, BNB is still up 300% year-to-date and remain as one of the strongest cryptocurrencies in 2019. With the technical picture both bullish against USD & BTC, the coin is looking to remain supported and see a higher move which will provide investing and trading opportunities.
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