Binance Coin Price Analysis: BNB Revives Towards New ATH as Bears Back Down

By Domenic
Published May 12, 2021 Updated May 12, 2021
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Binance Coin Price Analysis: BNB Revives Towards New ATH as Bears Back Down

By Domenic
Published May 12, 2021 Updated May 12, 2021

BNB experienced a minor correction the last 30 hours of -15% but has revived nearly all the way. Binance Smart Chain (BSC) is continuing to grow and host new projects. This attention has also benefited BNB, which is up over 4000% the last year. 

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The price action of Binance coin the last month has formed a rising wedge formation. This formation is technically bearish but can also sometimes break upwards. There is almost 2 weeks until the end of the pattern. If BNB holds the major resistance zone, it will be likely for a run to first target of $710, which also meets the top trend of the wedge.

BNB Price Analysis: BNB/USDT 4 Hour Chart

 

Throughout the last 2 weeks, the 100 MA has held support of the price. This area is near the bottom trend of the rising wedge. If BNB fails to hold these marks it will be in for a drop to minor support of $599. This would be considered a bearish break of the wedge and would likely end in a longer correction. 

While looking at the RSI, we can see an evident trend line that has been acting as resistance the past week. If the strength can break over, it will allow price to reach new ATH. The MACD is also showing bulling as its consolidated and bottomed out above the 0 value. A flow of bullish histogram ticks also seem to be starting. 

BNB intraday levels 

  • Spot rate: $676
  • Trend: Bullish
  • Volatility: High
  • Support: $656
  • Resistance: $677
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Disclaimer
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
Domenic
134 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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