BNB is likely one of the greatest performing altcoins among the many high 10 cryptocurrencies in 2021 and will commerce as excessive as $1,000 inside days
Binance Coin (BNB) has recorded an intraday excessive of $693 on the Binance US alternate, which is a brand new all-time excessive for the cryptocurrency.
Though costs retested the $660 help line, a fast rebound has seen bulls choose a pleasant uptrend during the last 4 hours.
As of writing, BNB/USD is buying and selling close to $675. Bulls are combating to interrupt above $700, a state of affairs that may possible get impetus from an general positivity within the cryptocurrency market.
In line with pseudonymous crypto analyst Rekt Capital, Ethereum’s breakout to a brand new all-time excessive above $4,000 would possibly see extra alts start to rally within the brief time period. If this occurs, BNB’s value may go on to try a run in the direction of $1,000.
— Rekt Capital (@rektcapital) May 10, 2021
BNB value outlook
BNB is buying and selling with a bullish outlook as the worth strikes up alongside an ascending pattern line of a contracting symmetrical triangle on the 4-hour chart.
Regardless of the potential for a spell of promoting strain as bulls battle resistance across the 100% Fib degree ($680), a swift rebound would possibly see costs attain the 123.6% Fib degree ($700.43).
The 20-day exponential shifting common curve is pointing upwards. In the meantime, the RSI is displaying a optimistic divergence because it bounces above 60 and the MACD indicator stays bullish above the sign line.
If upward strain pushes BNB increased, a contemporary breakout may catapult the coin’s value in the direction of $732 and $763. Above these targets lie the coveted $1,000, which bulls can obtain if bullish momentum holds over the subsequent few weeks.
BNB/USD 4-hour chart. Supply: TradingView
The value would possibly flip decrease although if merchants resolve to take income within the subsequent few days. On this case, will probably be a revisit of the preliminary demand zone close to the 20-day EMA ($654).
If costs break decrease, we’ve the 50 SMA ($641), the 50% Fib degree ($639), and an outdated resistance-turned-support line at $637 offering one other demand zone. Nonetheless, any additional losses would possibly see BNB/USD commerce sideways at $600-$680 or decline additional.
On this case, the worth degree to observe is $500, which is simply above the highlighted help degree at $485.