Price Analysis

BNB Price Analysis : Binance Coin Makes Double-Bottom Pattern

Binance coin has hit an ATH after a surge and hit $414.36 on April 7, 2021. The ATH of BNB now stands at $414.36, slightly higher than its previous ATH of $351. 

The CEO of Binance shared his thoughts on Twitter about BNB hitting ATH. 

The Binance coin(BNB) which fuels the Binance ecosystem, pays gas fees and can also be used to avail real-world services. Due to this wide range of applications, the investors poured in and started investing in the February Bull markets.

Binance Coin(BNB) Price Analysis

Binance coin is trading at $400 as per CoinMarketCap data on April 8, 2021. BNB boasts a Market capitalization of $61,950,886,540, with $5,916,226,706 worth volumes traded in the last 24 hours. The trading volumes increased by 4% compared to the previous trading session. 

The BNB price is holding at the $400 level and is currently in an ascending Parallel Pattern. It may experience selling pressure and could drop below to support at $386 and $372 levels, which are expected to provide good support. 

BNB Binance

Looking at the 30 minutes candle chart, the formation of the ascending Parallel Pattern, which is a bullish indication. Resistance at $406 levels, $412 and further up at $415 could again try and stop the uptrend.

If the BNB crosses the previous high at $414, it could create a new ATH. The sudden rise in the transaction volumes can complement this bullish momentum.

The Technical Indicator, RSI lies at 61, at the overbought zone. MACD levels are bearish, and a strong momentum is inevitable shortly after the accumulation period. Bollinger bands are at decent levels, with the prices trading at upper band support. 

It is also possible that the sell-off situation could trigger a drop in prices to the support levels at $340. But looking at the markets, the sentiment is bullish and experts are suggesting that the BNB could break its ATH soon.

Resistance Levels: $406, $412, $415

Support Levels: $386, $372

RSI(14): 61

MACD: Bullish

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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