Binance Coin price is up 7% on the back of Bitcoin’s impressive rally. Can this newfound optimism carry the NBB to $ 400 and beyond?
Binance Coin last traded at $ 362.70, + $ 22.18 (+ 6.45%)
Only yesterday saw the BNB in danger of collapsing. The general weakness of the cryptocurrency market had pulled the coin down in support of the major trend line.
This morning, however, the Binance Coin price has not only stabilized, but has also been higher and broken out of its recent downtrend. The fourth largest crypto asset has a market cap of around $ 56 billion, nearly $ 5 billion more than yesterday’s low.
What has changed?
The entire market was boosted after Elon Musk announced that Tesla held 90% of its Bitcoin position. Additionally, he stated that the EV maker would again accept BTC payments if Bitcoin miners showed environmental improvements.
Technical outlook from BNB
The 4-hour chart shows that the Binance Coin price held above the support of the rising trendline during yesterday’s dip. This morning’s rebound has not only released the course from support, it has also pushed the NBB out of its recent declining trading range.
I’ve highlighted four areas that I believe will act as a drag. The first is $ 365, and then the price failed on the first attempt to unlock.
In second place is the June 9th high of $ 379.00. If the BNB clears $ 379.00 the momentum should be enough to bring it to $ 407.00. Ultimately, the June 3rd high of $ 433 would be the last resistance level before $ 500.
The ascending trendline below the market at $ 330 is the first major area of support. On that basis, a break below this level would undo the bullish outlook.
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Binance Coin Price Chart (4-hour)
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