BINANCE COIN PRICE ANALYSIS & PREDICTION (June 6) – BNB Explodes 20% to A New High, Is $1k The Next Bull Target?

2024-6-7 23:48

BNB finally ended its two-month accumulation phase with a breakout after registering an insane gain in a week. It printed a new high and now looks set to tap more gains, following a strong bullish sentiment.

Last month saw Binance Coin through a successful break above the key $600 level but failed to sustain momentum and quickly lost steam.

The breakout signalled a fresh increase but the asset suspended the rally due to a rejection. This facilitated a two-week retracement below the mentioned breakout level before rebounding off $587 in the late month.

Following the rebound, BNB initiated a surge this month and rallied through March’s $645 resistance to $716 – marked as the current new high. It has retraced briefly to where it is changing hands at $696. 

It is currently looking for close support. More rallies can be expected once it finds a solid level in the lower timeframe. If not, the price may pull back to retest the flipped March’s resistance level as support.

From there, we can expect a nice rebound for a stronger rally. There is a new ascending trendline providing support on the daily chart. If the price fails to respect it in the future, BNB may break down to look for another key rebound level.

BNB Key Level To Watch Source: Tradingview

The new $716 high is now held as resistance. A daily candle close above this high could fuel more increases to $730 and potentially $760 by the end of this week. The long-term target to watch is $1,000.

While it’s almost testing hourly support of $692, the closest support to keep in mind is $669. Other support levels to consider for retracement are $640 and $631.4, all situated above the ascending trendline.

Key Resistance Levels: $716, $730, $760

Key Support Levels: $669, $640, $631.4

Spot Price: $696 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ximagination/123RF // Image Effects by Colorcinch

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