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

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