BNB price is up 20% over the past 24 hours, with XRP, ETH and ADA also trading higher
Binance Coin is the biggest gainer of the day among the top 10 cryptocurrencies, with an upside move of 20% in the last 24 hours. XRP with 12%, Ethereum with 10%, and Cardano with 10% are the next biggest gainers in the top 10, with markets seeking to rise from the major sell-off earlier this week.
The BNB/USD pair is currently trading around $585 against the US dollar, having retraced slightly over the past two hours following a breakout to intraday highs of $614.
BNB price outlook
Binance Coin’s 20% price gain over the past 24 hours comes after the cryptocurrency had crashed to lows of $431 earlier this week.
The dip took BNB’s price to the support line of the 50% Fib retracement level of the upswing from $223 to $639. But bulls have sought to reclaim support above $550 as they aim for new highs.
The upward move has seen BNB post a breakout above a downtrend line with resistance near $500. Looking forward, the technical picture for BNB is showing similar strength to what saw it explode in late March.
The 4-hour chart signals that Binance Coin is trading with a bullish outlook.
Bulls have retested the resistance key supply wall at $614 (red horizontal line), an area that marked the beginning of the last decline.
If BNB manages to stay bullish and breaks above the hurdle, it could spike to $650. Above this level, a rallying altcoin market could add momentum and see bulls’ short-term targets shift to $752. This price level is the next barrier as suggested by the 127.2% Fib extension level.
On the contrary, Binance Coin might decline to the primary support at $550 — the 78.6% Fib level of the previous upswing.
In case of further downward pressure, robust support is available at the crucial horizontal line near $535 (red dotted line). If this breaks, the key price levels to watch are at the 100 SMA ($485), 61.8% Fib level ($480), and 50% Fib level ($431).