With Bitcoin on the verge of recovering 60K, positivism is taking over the market. Among the large cryptocurrencies that have been performing the best, we find Binance Coin (BNB) as the leader and to know where it is going I have carried out the following analysis and forecast of its price.
Binance Coin technical analysis
At the time of this writing BNB is trading at $ 306, accumulating a profit of 1.47% in the last 24 hours, and 16% in the last 7 days.
When we look at the weekly chart of Binance Coin vs Tether US we can notice a clear succession of increasingly higher lows and highs, indicating an upward trend in the medium term.
This trend brings incredible strength, and despite the fact that it was held back for more than a month, it seems that we are already seeing the definitive resumption. Therefore, we can easily see new all-time highs in the near future.
If the previous force continues to spread, the price could really go much further from the current point. Either way, no matter how small the next push is compared to the previous one, the outlook is totally bullish.
After almost a month and a half locked in a bullish pennant-shaped side range, BNB price finally managed to escape over the top, breaking immediate resistance without further complication.
After performing an analysis of the behavior of the last few days, we can quickly say that the forecast for the cryptocurrency of the Binance exchange is positive.
The price managed to break through the resistance at $ 270, ushering in a succession of higher short-term lows and highs.
Yesterday, the price broke through the next resistance at $ 293. Today BNB retreated slightly towards the same area, but is now leaving a significant bearish rejection. This could be indicating the beginning of a new momentum for the next few hours.
It is very likely that we will see this cryptocurrency test the supply zone left by the all-time high, but knowing that we are seeing the resumption of a major trend, I do not think it will be a problem for the bulls to break through.
If we draw a Fibonacci the objectives are:
- 1st relevant goal -27%: $ 428.
- 2nd relevant target -61.8%: $ 535
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