Binance Coin Price Movement Analysis for 29th April, 2021

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Binance Coin has been retaining support at a higher price level throughout the recent bull market. BNB, which was just $40 at the end of January, is now $576. With a market capitalisation of $88 billion, the commodity was placed third in the rankings, and in terms of trends, another bullish split over the long term is possible.

Binance Coin 12-hour chart

Binance’s 12-hour map revealed yet another symmetrical triangle. The asset is currently indicating a bullish breakout by establishing higher lows and higher highs on the map. The 50-Moving Average appears to benefit BNB. At the moment, the SSL indicator has turned bullish, indicating a purchasing chance for traders.

Given that the previous high of $637 has been exceeded, Binance Coin’s next goal is $735, followed by a second reach at $795.

Market Rationals & Identifying Alternate direction

BNB/USDT on Trading View

Though a bullish breakout may be visible, hitting certain price expectations may be a different story. BNB indicated a similar condition in March, where the market was about to break out but the commodity was held back by further correction.

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The MACD indicator was bullish, but it was close to its location in the second week of March. As a result, if the trend is slightly broken, the current situation can become very bearish. A duration of restructuring often brings a high degree of risk, with the market moving towards the support level under $500.

The asset’s Relative Strength Index stood in the overbought category, but overall buying momentum was bullish.

Conclusion 

Regardless of its bullish characteristics long term, Binance Coin may consolidate in the upcoming week.

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