by Binance Coin seems ready to recover from losses incurred early on the month. The token’s long-term trend remained bearish, but the past few days saw buyers gaining strength. The $510 mark remains vital on BNB charts, while $500 provided massive support within the last six weeks. The alternative token seems prepared to hit this mark soon, but it remains unclear whether Binance Coin has the strength to surge past the level.
The altcoin’s horizontal zones stood at $413, then $417. Meanwhile, the $413 represented 61.8% FIB retracement zone for Binance Coin’s move to $669 from $254.5. The pullbacks may reverse around the 61.8% – $78.6% retracement regions.
BNB price managed to rally to $455 from $415 in a day, flipping the $455 mark from the supply to demand zone. Such a move also overpowered the near-term market structure with a higher high. Meanwhile, Binance Coin surged further, testing the resistance mark at $486.
The altcoin failed to overcome the zone once and created a descending wedge. The pattern signaled continuous uptrends for the token, and the price broke out to the pattern’s upside. The $505 – $515 value area represented substantial support since November. Also, $510 represented the 38.2% retracement mark.
Reasoning
The exponential moving average remained beneath the price, confirming bullish momentum. Also, the Aroon indicators displayed an upcoming bullish trend after the upward breakout. The Awesome Oscillator flashed lower highs over the past 48 hours, even when the price touched the $486 resistance level twice. The bearish divergence had the Binance coin forming a higher low around $470 before demand emerged again.
The AO formed green bars in recent hours while nearing a close past zero line. Such a move will indicate rising bullish momentum again.
Final Thought
While publishing this news, demand and momentum drove BNB’s price higher. The tokens appear ready to touch $510, consolidate beneath resistance before launching an upward breakout. However, a move above $510 would require higher actions by Bitcoin. Binance Coin would require broad market support for dependable upside price movements.
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