Binance BNB Price Analysis: BNB Coin close in on ATH amid Porto FC partnership

Binance BNB Price Analysis: BNB Coin close in on ATH amid Porto FC partnership

Binance, the world’s largest crypto exchange announced a multi-year partnership with one of Europe’s top professional football clubs – FC Porto.

As an official Fan Token Partner for FC Porto, the club’s Fan Token [PORTO] will be issued via the Binance Launchpad, therefore moving the brand to new heights, and creating more meaningful fan engagement, and enthusiasm for the club’s supporters. This will be achieved through unique engagement-based rewards, gamification, and much more.

The partnership will bring so much awareness to the Binance brand, as the Binance name will be printed at the back of the FC Porto Jersey, which the club’s players will put on for the 2021-2022 season, and later on the sleeves of the jersey in subsequent seasons.

The FC Porto Fan Token [$PORTO] provide Provides fans with creative ways to interact with the club. Furthermore, the PORTO fan token will be available to Binance users via Binance Launchpad followed by a Spot listing, bank card purchases, and P2P.

The recent Binance FC Porto partnership has created a lot of buzz in the crypto market. Let’s move on to analyze the charts and identify likely continuation patterns as well as significant support and resistance setups on the BNBUSDT and BNBBTC charts.

Binance BNBBTC Weekly Chart Analysis

The BNBBTC price chart entered a sideways market structure after rising a little above 1000% from the 04 January ’21 low.

A hidden bullish divergence pattern on 17 May ’21 confirms demand for the BNB Coin, while the RSI continued to hover above level-25.

The second hidden bullish divergence confirmed lift-off for the BNBBTC crypto pair, which favors the Binance Coin [BNB].

Binance BNBUSDT Weekly Chart Analysis

Bearish divergence patterns on 10 May ’21 hinted at a price collapse on 17 May ’21. However, the bulls quickly jumped in to save the day after the weekly price chart triggered a hidden bullish divergence pattern at the close of the same week.

A second hidden bullish divergence pattern signaled in combination with a bear-trap candlestick pattern on 20 September showed increased bullish momentum and demand for the BNB Coin, and drives the crypto-assets towards the ATH.

Binance BNB Daily Chart Analysis

All attempts to slow down the bullish momentum flagged as bearish divergence failed to an increase in demand.

A sequence of price breaks above bearish divergence resistance on 15 and 30 October reinforced our decision to buy into the rising BNBUSDT trend.

Binance BNB 4HR Chart Analysis

A final view into the intraday 4HR time frame also reveals a growing bullish trend after the relative strength index dipped below the RSI level-25 on 31 October 12:00.

The recent bullish divergence on 04 November 16:00 fueled the price rise and drives the BNBUSDT to the $617.00 mark at press time.

The Binance coin maintains a bullish outlook across multiple time frames and we expect to see the crypto-asset break its all-time high going into the second half of Q4 ’21.

Binance BNB Intraday Levels

  • Spot rate: 618.5
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $477.90, $508.90, $543.60, and $570.10
  • Resistance: $623.90
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