Binance Coin price analysis: BNB once again aims for $500

Binance Coin price analysis for Jan 14, 2022 is sluggish as the token makes its way towards $500 price level

Binance Coin price analysis for Jan 14, 2022, suggests that the token is aiming for $500 but needs a little push for that. Being the native token for the world’s biggest cryptocurrency exchange, Binance, the BNB token has received massive exposure from investors. 

The data from CoinMarketCap shows a 0.45% rise in the past 24-hours in trading volume while the market cap rose 0.78%. The BNB token has gained the market rank of 3 and continues to aim higher. 

The BNB token opened the day at $475.1 and rose to a daily high of $485, and dropped to a daily low of $472.5. On the other hand, the current price of the token stands at $484. The next aim is to break above $500 and reach the all-time high at $690. As per data from our Binance Coin price analysis, the token is 30.08% low from ATH.

Binance Coin price analysis on the daily chart

Binance Coin price analysis shows that the token is aiming for $500 as the MACD indicator just witnessed a bullish crossover. This could be the push that BNB needs to make its move towards its all-time high.

Binance Coin price analysis
Source: TradingView

The token is making its way towards the upper end of the Bollinger Bands. However, the sellers are still giving stiff competition to the buyers. On the other hand, the 50-day and 100-day Moving Averages are above the price action and need to be reclaimed to consider a bullish outburst. 

Binance Coin price analysis
Source: TradingView

Conclusion

Our Binance Coin price analysis tracks the BNB token. Investors are very bullish on the token due to the introduction of the automatic burning program, which will reduce the supply of the token.

Furthermore, Binance has been making its mark this year by opening an exchange in Indonesia, as reported by TheCoinRise. Moreover, BSC has set up $200 million funds to invest in gaming. 

All these points affect our Binance Coin price analysis for the long term. For the short term, we need to look out for the $500 level and also keep tabs on the Bitcoin price analysis.

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