The Binance Coin (BNB) remains one of the top performers.
Lodged at 3rd, BNB is up an impressive 32X year-to-date, changing hands at around $540, and is paring losses with the greenback in the last week of trading.
BNB is ready for $1k
Technically, bulls are in control, which explains why analysts are upbeat about what lies ahead for BNB.
Take, for example, TraderProSignals, who on Trading View said the BNB/USDT price is ready for another leg up towards $790 before breaking above $1k.
If anything, BNB wasn’t spared by the losses of early last week. However, unlike some periphery altcoins that continue to slide under sell pressure, the BNB contraction was contained.
BNB/USD is steady, reversing losses and, as aforementioned, has pared losses.
Using the Fibonacci retracement tool, he predicts the BNB/USD price to bounce off from the 50 and 61.8 percent zone of the recent trade range—at between $430 and $480, before racing to over $1k.
The rapidity of the uptrend depends on how strong the breakout above the pennant and the broader bull flag is in the days ahead. With the BNB/USD oversold, as the RSI technical indicator shows, the uptrend opens up more opportunities for aggressive traders expecting more gains.
It is either $1.3k or $230 for Binance Coin (BNB)
Yet, for another trader, the current BNB/USDT price action reveals strife and a valid contention between buyers and sellers.
Accordingly, there are two possible outcomes for the BNB coin in the immediate term as laid out by P_S_trade on Trading View.
In his view, the BNB price can continue waving higher in the medium term inside a rising channel. That will ultimately lift the coin higher, first to $790 before $815, and later $890 in the immediate term.
However, if there is an accumulation causing the BNB/USDT price breaks above the resistance trend line of the rising channel in the 12-hour time frames, BNB prices would sprint higher towards $1.3k—printing a new 2021 high.
On the other hand, if bears clip bulls’ momentum, a break below $400 in continuation and confirmation of the deluge of sell pressure of early last week could see the third most valuable currency trickle lower towards the $215 to $230 zone in the coming few weeks.
Still, he remains upbeat. Gauging from how the BNB/USDT price action is laid out, he reassured one follower, saying the BNB price is likely to reach $1.3k in the medium term than $230.
Changpeng Zhao Turns Cryptic, interpreted to Mean BNB Bull Trend?
The CEO of Binance has a massive Twitter following and is vocal.
He uses the social media platform to announce, comment, and sometimes—like last week, comment on market conditions to assuage panicky traders.
I feel for those who sold under $10,000.
I feel for those who sold.
— CZ 🔶 Binance (@cz_binance) April 26, 2021
A few days after BNB/USD slump dank, losing on Apr 18 and forcing prices to range, the CEO posted the following:
When it fluctuates back and forth between a range, there is a high chance that it’s not the peak yet.
Not guaranteed of course. Not financial advice.
— CZ 🔶 Binance (@cz_binance) April 20, 2021
And as expected, traders interpreted this to mean another opportunity to accumulate BNB in preparation for a moonshot:
This is the #BNB dip people kept talking about! Buy now and chill 😎
— Ash WSB 🍥 (@ashwsbreal) April 20, 2021
The only problem is, the path to $1k or “new peaks” isn’t in straight lines. The wavy can be horizontal or vertical as BNB/USD price action whipsaw below 2021 highs like it has been the case.
From the daily chart, BNB has strong support at $300—Apr 2021 lows. In the immediate term, there is support at around $430—Apr 18 lows, which is way above the $400 level that BNB technical traders are watching as a sell trigger.
Therefore, the “range” CZ mentioned earlier still defines the current BNB/USD price action.
If BNB prices surge above $600 and Apr 2021 highs, traders expect another leg up to new 2021 highs–confirming CZ’s talk of “new peaks.”
Disclaimer: Opinions expressed are not investment advice. Do your research.
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