TL;DR Breakdown

• BNB price builds support at $356 on 1-hour chart
• Binance coin set a new all-time high of $690 on May 10th, 2021

BNB Price Analysis: General price overview

Binance coin (BNB)began the daily chart at an opening price of $355 and activated a series of white soldier candlesticks, bringing the coin into an early morning bullish trend. ONCE AGAIN, the BNB/USD trading pair thwarted chances of rebounding back to the 20-day exponential moving average at $398 on the 24-hour chart after the bears further reversed the early morning uptrend. This created a descending channel from the price rejection of $365, which bottomed at the intraday low of $331. BNB has been trading within an ascending channel on the 1-month chart following a price decline back in May. The decline saw BNB hit the liquidity zone within the $215 – $230 liquidity zone.  However, a 100% price rebound saw the coin retest support above $400 and hit a monthly high of $432.  The rally did not hold for long, perhaps as a result of the downward correction across the broader altcoin market. BNB’s recent downswing could also be attributed to a concentration of buyers around $405 -$410 acting against the upper support of around $425. Analysts are keenly watching the liquidity zone and anticipating bullish momentum above the $350 – $380 consolidation point. This move could drive BNB’s price to the $820- $890 level. But the bears will also act against the uptrend, and if strong enough — the downtrend might continue to $215-$230. The bears have also put a strong defense at $433, which means the bulls should consolidate strong buying pressure to beat resistance near this level. 

BNB price movement in the last 24-hours

Binance coin opened the 24-hour trading chart at $356 with an uptrend pattern with rejection at $366, which is the intraday high.  The intraday low on the daily chart is at $331, suggesting a range difference of $35. This indicates that the price volatility for today’s chart is moderate. The MACD shows declining momentum for the last few days, which might actually invalidate any bullish movements and bring the bears into control. Buyers are targeting the 50-day simple moving average at $492.  This seems such an ambitious target and will require the bulls to gain support from the broader market. Sufficient buyers will enable the coin to beat an overhead resistance located near $370. If the bulls cannot gain such momentum, the bears are likely to remain in control for the better part of the week. 

BNB 4-hour price chart

At the time of writing, BNB is trading at $358. The coin found a rising wedge on the 1-hour chart which seems to be heading for $365. Buyers consolidated enough strength at $337 to give support to the wedge. There was some sort of resistance at $350, owing to a concentration of sellers at this point. Nonetheless, the bulls were able to push the continuation and build support at $356. 

Conclusion

Binance coin set a new all-time high of $690 on May 10th, 2021. The increasing price was followed by a record market capitalization of $100 billion for the Binance exchange-owned coin.  BNB’s uptrend to the new ATH was, however, cut short by the crypto market crash that took place between May 19 – 25. Presently, the coin is on a recovery phase and the bulls hope to gain momentum to catalyze a fresh all-time high above $700. 

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Source: https://www.cryptopolitan.com/bnb-price-analysis-2021-06-08/