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BNB Price Analysis: Mild Pullback As Bulls Attempt To Head North, Binance Coin Retains 3rd Largest Cryptocurrency Status

BNB

Highlights

  • BNB/USD showed a strong bullish impulse above the prior month high of $643 
  • BNB staged a notable rebound since the 23rd of April to hit a fresh all-time high at $663
  • BNB, Binance’s native token, and the world’s most popular crypto-to-crypto exchange has retained its status as the 3rd largest crypto

Due to some variables, Binance Coin (BNB) ended last month as one of the best. With the ERC-20 token and migration to the Binance Chain, Binance has masterfully optimized the BNB token to become an all-encompassing feature in every dimension of the ever-growing Binance ecosystem (BEP2). With some near-term resistance taken out, such rally will likely continue for the near term. While the Altcoin market was pressured for most of the prior month, BNB staged a notable rebound since the 23rd of April to hit a fresh all-time high at $663 as seen on trading view. BNB/USD showed a strong bullish impulse above the prior month high of $643 and now price action is testing upside barriers. Amid a mild pullback, BNB bulls attempt to head north, extending gains boosted by upbeat investors’ sentiment. At the time of writing BNB/USD is hovering at $622 with a market cap currently standing at $95.14 billion with more than $4.46 billion in trade volume in the past 24 hours. BNB, Binance’s native token, and the world’s most popular crypto-to-crypto exchange has retained its status as the 3rd largest crypto. Binance’s ability to sustain earnings, backed by the power of the Binance exchange, ensures its long-term attraction.

Key Levels
Resistance Levels: $750, $700, $645
Support Levels: $600, $515, $450

BNB/USD Daily Chart: Bullish

BNB/USD Daily Chart

In the BNB/USD market, the bulls triumph over the bears. At the end of the prior week, the coin was under sellers’ pressure, causing the price to drop to the $500 support range. With the creation of a bullish engulfing candle, the buyers interrupt the sellers at the listed support range and it recovered. BNB is trading above the $600 mark, but below the recent peak at $663.

The pair reached daily highs of around $646 before settling at a $602 intraday low. BNB is currently gaining 0.26 percent at $622 and confronts resistance at $643, then $663 (an all-time high level). A bounce above $663 (yearly high Ap. 30), on the other hand, will reach a high at the $700 handles. The daily relative strength index (RSI) is not yet overbought, giving the price room to move higher.

BNB/USD 4-Hour Chart: Ranging

BNB/USD 4-Hour Chart

A bounce on the 4-hour moving average (MA 50) on Apr. 27 has propelled the price to reach the mid $600 level. The pair remains above all moving averages on the charts. However, it has also formed a rising wedge pattern, which is usually a bearish sign. Its relative strength index seems to have lost steam away from the 70 lines. Therefore, the pair may have a major retreat in the near term.

On the other hand, the above $600 range may restart the bullish trend from $515 to $663 to $600 from $643 at $700 next level. BNB/USD has also moved above the prior highs in April while the 4 hour RSI hovers above its neutral line. The pair may resume the upward trend to the $700 level. If the BNB/USD pair trades below $643 levels, sellers may test the $600 and $515 support levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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