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Home » Price Analysis » Binance Coin Price Analysis: Following 4% Daily Surge, is $520 In Sight for BNB?

Binance Coin Price Analysis: Following 4% Daily Surge, is $520 In Sight for BNB?

Author: Duo Nine

Last Updated Jan 15, 2022 @ 14:57

BNB is quickly approaching a critical resistance level that can be decisive for where it is headed next.

Getting your audio player ready...

Key Support level: $417

Key Resistance level: $520, $692 (ATH)

Since March 2021, BNB has formed a huge ascending triangle (colored in blue). A break above would signal that a new all-time high is in the cards. At the time of this post, BNB appears on a clear path to test the key resistance at $520 after a successful test of the support at $417.

If BNB is successful in breaking above the key resistance, the price can rally towards the current all-time high at $692.

BNBUSDT_2022-01-15_15-51-23
Chart by TradingView

Technical Indicators

Trading Volume: The good volume at the critical support pushed BNB quickly towards the current resistance. This shows that the demand for BNB remains high, and if the momentum can be maintained, the $520 resistance will be tested soon.

RSI: The daily RSI is close to making a higher high which would further consolidate the bullish bias.

MACD: The daily MACD did a bullish cross last Thursday, and momentum has increased since. The true test of this rally will be the key resistance.

BNBUSDT_2022-01-15_15-57-24
Chart by TradingView

Bias

The current bias is bullish. However, the key resistance at $520 may put the bulls in trouble if the price is rejected there.

Short-Term Prediction for BNB Price

BNB has shown tremendous strength during this most recent correction, managing to hold at the key support. Moreover, now, the price is erasing most of the losses. The first key challenge is for BNB to move above $520.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Binance Coin (BNB) Price
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About The Author

Duo Nine
More posts by this author

Duo Nine is a crypto educator and a seasoned technical analyst with over seven years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left this space.

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