December 5, 2022

Binance Coin Price Analysis: Following 4% Daily Surge, is $520 In Sight for BNB?

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Key Support level: $417

Secret Resistance level: $520, $692 (ATH)

Since March 2021, BNB has actually formed a substantial rising triangle (colored in blue). A break above would indicate that a brand-new all-time high is in the cards. At the time of this post, BNB appears on a clear course to test the key resistance at $520 after a successful test of the support at $417.

If BNB is successful in breaking above the key resistance, the rate can rally towards the present all-time high at $692.

Chart by TradingView Technical Indicators Trading Volume: The good volume at the vital support pushed BNB quickly towards the present resistance.

This shows that the need for BNB stays high, and if the momentum can be maintained, the$ 520 resistance will be evaluated quickly. RSI: The daily RSI is close to making a higher high which would further consolidate the bullish predisposition.

MACD: The daily MACD did a bullish cross last Thursday, and momentum has increased given that. The true test of this rally will be the essential resistance.


Chart by TradingView Predisposition

The current bias is bullish. Nevertheless, the key resistance at $520 may put the bulls in difficulty if the price is declined there.

Short-Term Prediction for BNB Price

BNB has actually shown remarkable strength throughout this newest correction, managing to hold at the crucial support. Moreover, now, the cost is erasing most of the losses. The first secret obstacle is for BNB to move above $520.