Key support level: $417
Key Resistance Level: $520, $692 (ATH)
Since March 2021, BNB forms a huge ascending triangle (colored in blue). A break above would signal that a new all-time high is in the cards. At the time of this article, BNB appears on a clear path to test key resistance at $520 after a successful test of support at $417.
If BNB manages to clear the key resistance, the price may rally towards the current all-time high at $692.
Trading volume: The good volume at the critical support quickly pushed the BNB towards the current resistance. This shows that the demand for BNB remains high, and if the momentum can be maintained, the resistance at $520 will soon be tested.
IRS: The daily RSI is about to hit a higher high, which would further consolidate the bullish bias.
MACD: The daily MACD made a bullish cross last Thursday, and the momentum has since accelerated. The real test of this rally will be key resistance.
The current bias is bullish. However, the key resistance at $520 could put the bulls in trouble if the price is rejected there.
Short term prediction for BNB price
BNB showed considerable strength during this latest correction, managing to hold key support. Moreover, now the price is erasing most of the losses. The first key challenge is for BNB to go above $520.
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Cryptocurrency charts by TradingView.