29 April 2021 | ZebPay Trade-Desk
This Altcoin Thursday, we are covering the Binance Coin (BNB). BNB continues to witness good resilience with respect to volumes, thanks to the spike in interest within the crypto community for this asset. Binance does see volumes break new ground, from time to time, as traders attempt to capitalise on the new highs seen in Bitcoin, Ether, and other cryptocurrencies. This in turn leads to more activity on the exchange, indirectly contributing to BNB’s appreciation, and ROI.
As we can see from an hourly chart above, after making the all-time high of $613.9, BNB corrected almost 26% and made the low of $450. The asset has taken support and started moving upwards. On a technical front, BNB is trading in a range of $600 and $550. The moving average has given a bullish crossover and RSI is also above 50. We may see a further upside move if the asset breaks and trades above $607 levels. Hence, we remain bullish on BNB.
| Resistance 2 | $662 |
| Resistance 1 | $607 |
| BNB | |
| Support 1 | $569 |
| Support 2 | $545 |
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