- Binance Coin (BNB) price rallies to hit a significant milestone at $638 amid the bulls’ push for gains past $1,000.
- The MACD adds credence to the bullish outlook despite resistance at $600.
BNB Price has quickly become the darling of the cryptocurrency market. In addition to making a significant spike to $638, a new all-time high, the token’s market cap almost hit $90 billion. BNB price still sits in the third position on the market after Ethereum.
Binance Coin(BNB) Bulls Battle to Secure Higher Support
The exchange-based token teeters at $577 at the time of writing. This follows a minor correction from the newly traded record highs. Support above $600 became an uphill task, but currently, buyers are focused on established support at $550.
The short-term analysis shows that BNB price is in the bulls’ hands despite the recent correction. This bullish narrative has been reinforced by the Moving Average Convergence Divergence (MACD). The indicator is not only in the positive region but also in a bullish impulse. For instance, the MACD line (blue) has sustained the signal line’s positive divergence since the weekend session.
BNB Price Analysis: BNB/USD 4 hr chart
Closing the day above $570 and, by extension, $550 will ensure market stability. Here, buyers will build upon the support for gains toward $1,000. Immense buy orders will be triggered once BNB price slices through the hurdle at $600 and $638, respectively.
It is worth mentioning that a correction will come into play if the support at $550 gives in. Sell orders may be triggered, adding pressure to the bearish outlook. Subtle support has been envisaged at $500, but the primary anchor holds $450.
BNB Price intraday levels
- Spot rate: $577
- Trend: Bearish
- Volatility: Low
- Support: $5050 and $450
- Resistance: $600 and $638
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- “People Mocking Saylor Will Regret”- Binance CEO
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?