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BNB Price Analysis: BNB Reaches ATH of $641 As Bull Penant Fully Breaks Out


coingape.com 02 May 2021 09:57, UTC
Reading time: ~2 m

  • BNB price Sets ATH of $641
  • Bull pennant has fully broken out
  • Price is struggling at major resistance

Binance coin shows this market is still full of bulls. BNB has exploded this market cycle rising over 5000%. The BSC (Binance Smart Chain) has given lots of utility to BNB as it refuses to back down,showing bears fail to take control of the price.

Major resistance zone of around $640 is the level to watch as of now. BNB must break and hold this to reach a new ATH and continue its mind blowing bull run. If this level holds, expect prices to rise to first target range of $707 with a second target being $772.

BNB Price Analysis: BNBUSDT Daily Chart

Minor support for BNB comes in around $597. If the battle at $640 fails, this is the first area prices can hold. If this minor support fails to hold, we should be prepared for a larger fall to the support range of $526-$550. Around this range lands the 25 MA and also a well respected long term trend line. If BNB cannot hold this area, it will be a much larger fall taking place.

The MACD has been consolidating in a sideways motion the last week. At the time of writing, the MACD is printing bullish signals. While viewing the RSI, There is a similar consolidation taking place. To confirm another bullish trend to the target range, the RSI must break the 70 level.

BNB intraday levels

  • Spot rate: $620
  • Trend: Bullish
  • Volatility: High
  • Support: $597
  • Resistance: $640

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