- BNB price Sets ATH of $641
- Bull pennant has fully broken out
- Price is struggling at major resistance
Binance coin shows this market is still full of bulls. BNB has exploded this market cycle rising over 5000%. The BSC (Binance Smart Chain) has given lots of utility to BNB as it refuses to back down, showing bears fail to take control of the price.
Major resistance zone of around $640 is the level to watch as of now. BNB must break and hold this to reach a new ATH and continue its mind blowing bull run. If this level holds, expect prices to rise to first target range of $707 with a second target being $772.
BNB Price Analysis: BNBUSDT Daily Chart
Minor support for BNB comes in around $597. If the battle at $640 fails, this is the first area prices can hold. If this minor support fails to hold, we should be prepared for a larger fall to the support range of $526-$550. Around this range lands the 25 MA and also a well respected long term trend line. If BNB cannot hold this area, it will be a much larger fall taking place.
The MACD has been consolidating in a sideways motion the last week. At the time of writing, the MACD is printing bullish signals. While viewing the RSI, There is a similar consolidation taking place. To confirm another bullish trend to the target range, the RSI must break the 70 level.
BNB intraday levels
- Spot rate: $620
- Trend: Bullish
- Volatility: High
- Support: $597
- Resistance: $640
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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