CoinGape



BNB Revives Towards New ATH as Bears Back Down

BINANCE:BNBUSDT   Binance Coin / TetherUS
-BNB has risen 150% past its low set yesterday
-Price has cleared major resistance and needs to hold for ATH
-MACD coils in bullish territory

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.

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 .

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