- BNBUSD hit its highest level in two months.
- The coin finally broke free of its $335 confinement.
- Binance coin will continue its bullish momentum to reach $430.
Finally, BNBUSD hit its highest level in 2 months after reaching and breaking out of the $390 resistance level. The only difference between the current state of the crypto and its state two months ago is that the market is currently on a pump. The plunging state in which the coin was in two months ago would eventually lead it to be subdued below $335 on the 21st of June 2021. Binance coin would then go on to spend 44 days trapped under $335.
BNBUSD Key Levels
Resistance Levels: $565, $505, $430
Support Levels: $390, $335, $260
BNBUSD Long Term Trend: Bullish
The coin finally broke free of the $335 confinement on the 5th of August 2021. With the newfound freedom, BNB immediately hit the next resistance at $390, which happens to be its highest price level in two months. Without much hassle, the Binance coin broke through it and now there is every cause for optimism that not long from now, the next resistance at $430 will also be hit. A height which was also last attained two months ago.
The ATR (Average True Range) indicator shows the technique which the coin uses to break free from the $335 confinement and also bypass the $390 barrier. It can be seen that a gradual increase in volatility was maintained throughout. Much more is that at every point immediately below the resistance level, the volatility seems to take a slight dip before shooting up and past the resistance. This occurred four times and three times it helped the market to break out.
BNBUSD Short Term Trend: Bullish
BNBUSD is currently trading around $398, having broken through the $390 barrier, and is still full of bullish vigor. The ATR indicator on the 4-hour chart shows that market volatility has increased slightly over the past 24 hours. The coin has ascended deep into the overbought region on the Stochastic Oscillator and could employ another dip-and-shoot technique to push the market further up.
Binance coin is set to continue its bullish momentum and has its next stop at $430.
Also read: Binance Coin Price Prediction 2021 and Beyond – Will the BNB Price Surge Upwards?
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