BNB price broke above $400 before going on to hit a new all-time high of $414.
Binance Coin surged to its highest price ever of $414, having traded higher and higher over the past several weeks. Yesterday, bulls pushed the BNB price nearly 10% and continued the upward trajectory during the Asian trading session to hit the new peak.
BNB has now reentered the top three on CoinMarketCap with a market cap of $62.6 billion at the time of writing.
Binance Coin price outlook
Binance Coin was trading near $403 at the time of writing, with struggles across the crypto market inviting some downward pressure.
The BNB/USD pair is above a key bullish trend line on the hourly chart, having rebounded off support at the 78.6% Fibonacci retracement level of the upswing from $335 to $414. If bulls break higher, a retest of immediate resistance at $410 could invite more buy-side pressure.
A positively-inclined RSI and a MACD reading above the signal line suggest bulls might not be done yet. If prices breach the barrier at $415, the next target could be $450, with the main resistance in between at the 127.2% Fib level at $436.
On the contrary, if bulls fail to hold BNB above $400, an influx of sell orders could drag it lower. A breakdown beyond the trend line and the 78.6% Fib level ($397) could allow bears to target the robust demand zone near the 61.8% Fibonacci level ($384) and 50% Fibonacci level ($375).
Any extended reversal would risk turning BNB bearish near the hourly 100 simple moving average at $361. If the downside pace picks up momentum here, Binance Coin’s price could retest lows of $340 and $330.
This post was originally published on Coinjournal.
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