BNB Revives Towards New ATH as Bears Back Down

2021年5月12日

-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