The crypto roller-coaster is on, and it’s fun.
Bitcoin tanked 55 percent to below $30k. But the corrections among altcoins were deeper.
The Binance coin ecosystem lube, Binance Coin (BNB), for all what it stands for, sank 65 percent after topping $675 in April 2021.
Bitcoin $BTC: -54%
Ethereum $ETH: -57%
Cardano $ADA: -58%
Stellar $XLM: -62%
Solana $SOL: -63%
XRP $XRP: -64%
Binance Coin $BNB: -65%
Polkadot $DOT: -65%
Chainlink $LINK: -66%
Litecoin $LTC: -67%
Uniswap $UNI: -67%
Bitcoin Cash $BCH: -70%
Dogecoin $DOGE: -70%
— Charlie Bilello (@charliebilello) May 23, 2021
Still, as long as people continue trading, preferring to shift their custodial responsibilities to centralized exchanges, Binance will continue to grow in stature, and so will the BNB coin.
After launching in 2017, the exchange has grown to trounce competitions by offering irresistible services and continuously growing its ecosystem.
Beyond offering support of several tokens and coins, Binance has launched several irresistible products from various jurisdictions, centering BNB at the center of their operations.
Accordingly, there are expectations that despite market contraction traced to mid-April, the coin will strongly rebound and chart higher in the days ahead.
And there are hints of strengths reading from price charts.
Data from trackers show that BNB prices, at spot rates, have pared losses of last week.
On the last trading day, the coin is stable at around $380 versus the greenback.
What’s more? BNB outperformed ETH and BTC during the same session, receiving a boost from decent trading volumes at around $4.4 billion.
— Volume Alerts (@TraderWisdom) May 26, 2021
Binance Coin (BNB) Has Support at $200-$300 Zone
Aforementioned, traders are hopeful.
On Twitter, one trader thinks BNB has strong support at $300.
$BNB / USD
The best we can hope for is $300 holds as support and we range before heading higher, but nasty rejection. pic.twitter.com/nqg7eSmyWw
— Cactus (@TheCryptoCactus) May 25, 2021
In his view, the rejection of lower lows and the unwinding of bears set the pace for possible further gains in the next few weeks in line with the remarkable performance of Q1 2021.
A look at the BNB/USDT price on the daily chart confirms his confidence.
As visible, the BNB price cratered by roughly 80 percent from April 2021 peaks.
It has support at the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range with a clear rejection point at around $200. This is $100 from where the chartist mentioned.
Still, the volatility of the last few days justifies the broad possible reaction zone.
Therefore, a build-up of momentum feeds bulls who are angling for a retest of $700 in a buy trend continuation pattern in sync with events of the last five months.
BNB/USDT Set for $500
On Trading View, vongovar is angling for more price gains in subsequent sessions.
Based on the BNB/USDT candlesticks arrangement in the 4HR chart, there is more room for growth after bulls found support.
It is especially the case once BNB prices close above the EMA-55 resistance line. Once buyers break this level, preferably with high trading volumes, the odds of BNB reaching $500 would be amplified.
Most notably, and perhaps building a solid launchpad for higher highs, is the accumulation of the last few days. Therefore, a break above the flexible resistance line could trigger even more participation, pumping BNB higher.
Coincidentally, vongovar prognosis syncs with morteza291‘s. The analyst believes that BNB stands a chance to race towards $500 but only if they close above $400.
Based on his charts, the BNB/USDT price remains in range mode within a broader $200 zone with caps at around $220 and $400 on the upper end.
The medium-term trajectory, as a result, depends on the breakout direction. If bulls stay on top and close above $400, $500 is the next feasible target.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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