Binance Coin Into Beast Mode!
Binance coin has shot past the $500 mark after an increase in value by 12% in the last 24 hours. Yet the price continues to be in a strong uptrend where-in bulls flipped the higher barrier levels following a breakout to a new all-time high. This showcases a strong appetite from the bulls.
The rally which gained the spotlight with more than 900% gain, lifted the token’s market capitalization above $87 billion. The trading volume also surged more than 50% to record more than $7 billion. However with the continued uptrend, then the $1000 target will be reached by this weekend itself.
However, as per the analyst, the price needs to maintain strong support initially at $510, if slipped, the next levels are around $485. Once the rally follows the similar price movements as mentioned, the $1000 is an inch close to achieve.
BNB Price Analysis
Binance Coin manifested a steady rally since the start of the current trading month. The price maintained a steady uptrend and finally broke the channel around $525 to rally high. The price, however, followed the 20-day MA and maintained above the average all along the uptrend.
The indicators also point out towards an intensified uptrend as the RSI indicators are trending in the overbought region, close to 90. The MACD points out towards a buy signal as the MACD line has crossed the signal line and rising high.
At the time of writing, the BNB price is $575.70 with a massive jump of 21.04% in the last 24 hours. However, the price has entered a discovery phase and hence the resistance levels are hard to determine. However, the next target is set above $650 in the coming couple of days. Yet the support levels around $468 needs to be avoided for a continued Binance Coin price rally.