BNB Price Analysis: BNB Skyrockets to Record Highs While $1,000 Beckons

By John Isige
Published April 12, 2021 Updated April 12, 2021
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BNB Price Analysis: BNB Skyrockets to Record Highs While $1,000 Beckons

By John Isige
Published April 12, 2021 Updated April 12, 2021
  • 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

BNB/USD price chart
BNB/USD price chart by Tradingview

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

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.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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