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Altcoin Thursday-Binance Coin (BNB)

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

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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