Binance Coin price analysis: BNB breaks above a crucial hurdle

1 month ago 33
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If buy-side unit continues to mount, BNB terms could breach the $500 level and spot bulls people the 17 May highest of $569

Binance Coin (BNB) is changing hands astir $481 astatine clip of writing, up astir 5% successful the past 24 hours and implicit 15% successful the past week. The terms of the fourth-ranked cryptocurrency has swung astir 61% since the breakout supra $300, reaching terms levels past seen successful mid-May.

There's a batch of optimism generated by Bitcoin (BTC) rallying supra $50,000 for the archetypal clip since May, with altcoins apt to provender disconnected the positivity.

Running into caller regulatory headwinds and the contented of mandatory KYC mightiness supply sticking points for Binance going forward. That and a wide marketplace slump could interaction prices, though the short-term outlook suggests bulls are successful control.

Binance Coin terms outlook

Despite regulatory unit from crossed the globe, Binance Coin terms has continued to summation since the bounce supra the cardinal anchor of $330.

The BNB/USD brace has seen important swings supra respective absorption levels. After rebounding disconnected horizontal enactment adjacent $396, Binance Coin terms roseate past the 50% Fibonacci retracement level ($414) and tested the 61.8% Fib level of the plaything debased from $569 to $258 adjacent $450.

BNB/USD is present eyeing consolidation supra $480. If bulls retest the horizontal enactment marked by the 78.6% Fib level ($502), Binance Coin terms could rally to its caller people astir $569.

BNB/USD regular chart. Source: TradingView

Looking astatine the illustration we spot that the overbought conditions provided by the RSI and the rising curves of the 20 EMA and 50 MA enactment the short-term bullish outlook.

However, if markets flip, there's a superior enactment portion with a confluence of anchors — astatine the 61.8% Fib level, the horizontal enactment astatine $430, and the 50% Fib level. If bulls neglect to bounce higher astir this request reload zone, past a bearish descent could instrumentality BNB/USD to the 20 EMA ($405) and the 50 MA ($345).

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