Binance Coin has outperformed the market this year, rising nearly 900 percent since the $36 lows in January—which was still similar to the $39.22 ATH of BNB at the time. BNB fell from $340 to $200 in March and had consolidated under $280 before breaking out in recent days. With the quarterly BNB burning scheduled for later in April, the medium to long-term outlook for BNB remains optimistic, both theoretically and fundamentally.
Binance Coin 12-hour chart
In the last month, the $300-$330 range has served as supply, and the latest step past $280 for BNB saw the bulls drive the market past this level. A retest of this area would provide an outstanding entry point for long positions. The aforementioned quarterly burning is expected to attract more customers.
The technical indicators on the charts showed heavy bullish traction and decent trading activity in recent days to help the upward advance. Fibonacci extension speeds predicted optimistic milestones for BNB in the region of $600, bringing it to a market capitalisation close to $100 billion.
In a bull market with increasing interest, BNB could be moving for $450 in the coming weeks.
The 1.38 Fibonacci extension level (yellow) for BNB is at $457, and the 1.5 (150 percent ) extension level is at $494, following its decline to $186 and return to $356 in the last 24 hours.
The rise from $230 has been fueled by a bullish discrepancy between price and momentum (RSI), and both the RSI and the Stochastic were in overbought territory at the time of publishing.
In recent days, trading turnover has been above-average, indicating no conflict with market movement.
At the moment, any pullbacks to the 20-period EMA (white) or even more to the 50-period EMA (yellow) are buying opportunities. A candlewick to the 50 EMA is impossible in the coming days, but a candlewick to the 20 EMA is not out of the question.
Binance Coin has a positive forecast for the next few weeks, with a technical target of $457 and a far more ambitious target of $639.
134 Interactions, 2 today