2021-8-24 12:18 |
If buy-side pressure continues to mount, BNB price could breach the $500 level and see bulls target the 17 May peak of $569
Binance Coin (BNB) is changing hands around $481 at time of writing, up roughly 5% in the past 24 hours and over 15% in the past week. The price of the fourth-ranked cryptocurrency has swung about 61% since the breakout above $300, reaching price levels last seen in mid-May.
There's a lot of optimism generated by Bitcoin (BTC) rallying above $50,000 for the first time since May, with altcoins likely to feed off the positivity.
Running into new regulatory headwinds and the issue of mandatory KYC might provide sticking points for Binance going forward. That and a general market slump could impact prices, though the short-term outlook suggests bulls are in control.
Binance Coin price outlookDespite regulatory pressure from across the globe, Binance Coin price has continued to increase since the bounce above the key anchor of $330.
The BNB/USD pair has seen crucial swings above several resistance levels. After rebounding off horizontal support near $396, Binance Coin price rose past the 50% Fibonacci retracement level ($414) and tested the 61.8% Fib level of the swing low from $569 to $258 near $450.
BNB/USD is now eyeing consolidation above $480. If bulls retest the horizontal line marked by the 78.6% Fib level ($502), Binance Coin price could rally to its new target around $569.
BNB/USD daily chart. Source: TradingView
Looking at the chart we see that the overbought conditions provided by the RSI and the rising curves of the 20 EMA and 50 MA support the short-term bullish outlook.
However, if markets flip, there's a primary support zone with a confluence of anchors — at the 61.8% Fib level, the horizontal line at $430, and the 50% Fib level. If bulls fail to bounce higher around this demand reload zone, then a bearish slide could take BNB/USD to the 20 EMA ($405) and the 50 MA ($345).
The post Binance Coin price analysis: BNB breaks above a crucial hurdle appeared first on Coin Journal.
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