The Binance Coin (BNB) has, without a doubt, surpassed expectations.
A few months ago, few believed that the coin would evolve into a feature token in the top 10, displacing XRP and ADA to rest at third.
Binance Coin (BNB) Status and Market Performance
What’s more, BNB is also quite resilient.
A look at the price action in the daily chart indicates strength though prices more than halved in the second quarter.
At the time of writing, BNB is finding its footing. However, this is not to say the coin is struggling. At present, BNB is relatively firm and trading at over 5X of Q3 2020 prices. That’s when BNB was hovering below the $40 level.
As we advance, it will be interesting to see how BNB prices pan out. For one, the coin is up double digits in the last week of trading, adding 19 percent.
There has been a cool-off on the last trading day.
All the same, BNB is mostly stable versus USD, BTC, and ETH, steadied mostly by above average, decent trading volumes.
From the BNB daily chart, BNB/USD is trading within a bullish breakout pattern. Of note, BNB bull bars are firmly banding along the upper BB, racing above $400.
Considering events of the last few weeks—specifically the bounce from the 78.6 percent Fibonacci retracement level of the H1 2021 trade range, the odds of BNB surging back to $700 in the medium term looks highly likely.
If this pans out, it is vital for BNB prices, especially this week, to be firm above $400 as bulls dedicatedly aim for $700—retesting H1 2021 highs.
$400-$430 is a Strong Resistance Zone for Binance Coin bulls
The broader trading community is confident of what lies ahead for BNB.
All the same, despite their skew, there must be a confirmation.
On Twitter, one trader notes that the zone between $400 and $430 represents a solid resistance zone.
$BNB/USDT 4H Binance
Wait for more confirmation here as this could be a fakeout also. This is the major resistance area and a breakout will start a new rally in $BNB. The market is still bullish. We will add more $BNB on the retest.
Like, retweet & share pic.twitter.com/QpkKPPbFHa
— SOMEONE OF ALT STREET (@Dimond_Boots) August 16, 2021
Accordingly, expanding from price action in the 4HR chart, there must be a firm close above this mark.
Once this prints out, it will trigger the next wave of demand that would lift the coin higher towards $700.
Binance Coin Price on the 5th Wave towards $1.1k
On Trading View, another trader thinks this is the beginning of a strong impulse wave above $1k in the next few weeks.
The analyst observes that BNB/USDT prices are in the early stages of another leg up from the weekly chart. In his view, this will eventually see the coin breeze past $700 towards $1.1k—and better—in a 1-2-3-4-5 Elliot wave formation.
Reading from the same chart, the MACD histogram also indicates possible peaks, a net positive for optimistic BNB bulls expecting a moonshot.
BNB/BTC Bullish Breakout
Meanwhile, BNB/BTC prices are breaking above a wedge, overcoming the strong liquidation trend line, setting the pace for a possible rally in the days ahead.
As the trader puts it, the breakout is a buy trend continuation with increasing momentum and trading volumes, an indicator of strength from the bulls’ side.
Charts courtesy of Trading View
Disclosure: Opinion is that of the author. Do your own research.
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