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Binance Coin Price Analysis - BNB Weekly Surge Reaches 25% As ATH Above $400 Is Reached - How High Can It Go?


coincodex.com April 08 2021 09:20, UTC
Reading time: ~5 m

Key highlights:

  • Binance Coin is now up by a total of 25% this past week as it battles with the $400 level.
  • The cryptocurrency is now holding a market cap value that is one-quarter of Ethereum’s value.
  • Against Bitcoin, BNB is also surging higher as it attempts to break resistance at ₿0.007.

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Binance Coin price $391
Key BNB resistance levels $400, $410, $432, $450, $462
Key BNB support levels $369, $341, $318, $300, $296

*Price at the time of writing

Binance Coin surged by another 25% over the past week of trading as it continues to set new ATHs this week. The cryptocurrency had started to surge toward the end of March after breaking above a symmetrical triangle pattern. After the breakout, BNB started to power upward as it set an ascending price channel.

The coin continued to surge well above $400 this week to reach the resistance at $410, where it set a new ATH and met the resistance at a 1.272 Fibonacci Extension level. It has since dropped slightly from there but managed to find support at $370 to rebound back to the current $400 level.

The growth of BNB has been truly outstanding over the past few months, and it has allowed it to climb the market cap rankings to sit in the 3rd position. Binance coin now holds a total market cap value that is just one-quarter of the value of Ethereum as it continues to close the gap.

One of the major driving forces behind its growth is to do with the Binance Smart Chain that launched recently. This is a proprietary blockchain that allows projects to be deployed on top of it, and it is starting to gain some serious traction. In fact, on April 5th, the total number of active addresses on BSC reached 370,000 - a figure that was 1.1 times higher than Ethereum. On top of that, the 24-hour volume that day exceeded $3.9 million, which was 300% more volume than Ethereum.

Let us take a quick look at the market and analyze where it might be heading.

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Binance Coin Price Analysis

What has been going on?

Taking a look at the daily chart above, we can clearly see the breakout of the symmetrical triangle pattern toward the end of March. After the breakout, BNB went on a rampage as it broke back above $300 to reach the February highs at around $350 by the beginning of April.

As April progressed, BNB continued to trade inside the steep ascending price channel that it had created as it surged above $360 at the beginning of the week. The price hike continued until it reached $410 yesterday, where it met resistance at 1.272 Fibonacci Extension level.

Binance Coin price short term prediction: Bullish

BNB still remains bullish right now. The coin would need to drop beneath $296 to turn neutral again. It would have to continue further beneath the support at $200 (100-day EMA) before being in danger of turning bearish.

IF the sellers do push lower, the first level of support lies at $270 (.236 Fib Retracement). This is followed by support at $360 (lower boundary of the price channel), $341 (.382 Fib Retracement), $318 (.5 Fib Retracement), $300, and $296 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first level of resistance above the $400 level lies at $410 (1.272 Fib Extension - blue). Beyond this, additional resistance lies at $432.65 (1.272 Fib Extension - red), $450, and $462 (short term 1.272 Fib Extension - blue).

This is then followed by resistance at $476 (1.414 Fib Extnesion - red), $500, $520, and $540 (1.618 Fib Extension - red).

What has been going on?

BNB is also performing very well against Bitcoin. The cryptocurrency had penetrated above a descending triangle pattern at the end of March as it started to surge higher again. It was not until Tuesday when BNB managed to break above the previous ATH price at ₿0.00653 to push higher into the resistance at ₿0.007.

The coin has been struggling to produce a daily closing candle above ₿0.007 for the past three days, and a break above this would be required for the bull run to continue higher.

BNB/BTC price short term prediction: Bullish

BNB is still bullish against Bitcoin. The coin would now need to drop back beneath ₿0.005 to be in danger of turning neutral in the short term It would have to continue further beneath ₿0.0039 (100-day EMA) to be in danger of turning bearish in the short term.

If the sellers do push lower, the first level of strong support lies at the February 2021 highs at around ₿0.00653. This is followed by support at ₿0.00608 (.382 Fib Retracement), ₿0.006, ₿0.00576 (.5 Fib Retracement), ₿0.00545 (.618 Fib Retracement), and ₿0.005 (.786 Fib Retracement.

Where is the resistance toward the upside?

On the other side, the first level of strong resistance is expected at ₿0.007. This is followed by resistance at ₿0.00766 (1.272 Fib Extension), ₿0.008, and ₿0.00821 (1.414 Fib Extension).

If the bullish surge continues beyond ₿0.0085, additional resistance can be located at ₿0.0087 (1.618 Fib Extension - purple), ₿0.009 (1.618 Fib Extension - blue), and ₿0.0095.

Keep up to date with the latest BNB predictions here.

Previous BNB analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Binance Coin:

  • Binance Coin Price Analysis - BNB Sees Weekly 15% Price Surge as New Token Sale Begins On Binance Launchpad (Bullish)
  • Binance Coin Price Analysis - BNB Reclaims Number 3 Ranking With 14% Daily Price Surge (Bullish)
  • Bitcoin, Ethereum, & Binance Coin Price Analysis: BTC & ETH Set New ATHs While BNB Enters Top 3 Ranked Coins (Bullish)

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