A Binance Coin price prediction of attainment of new record highs may not be far off, given the stock’s performance in recent days.
The Binance Coin price is in its 4th day of gains, as it pushed towards the 10 May all-time high of 691.8. This move has been driven by some new initial exchange offers, notably the Porto token. Participation requires acquiring the Binance Coin token by intending participants, driving up demand for the BNB.
As of writing, the BNB/USDT pair was up 0.23% on the day. This followed solid gains made on Friday (8.7%) and Saturday (5.01%). Here’s the Binance Coin price prediction for the near term.
The recent advance has taken out resistance barriers at 558.1, 605.0 and 639.9. The move has fallen just short of the all-time high, and the lower high of Monday’s candle could point towards a short-term correction. A decline from present levels retests 639.9 (12 April and 6 November highs), and 605.0 (acting as a support in role reversal). Below this level, additional support comes in at 558.1 and 533.8, with 511.3 also serving as a new target to the south.
On the flip side, a bounce from 639.9 could propel the BNB/USDT pair to new highs if the bounce takes out 678.6. Potential targets lie at 725.1 and 769.6 (141.4% Fibonacci extension level).
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This post was last modified on Nov 08, 2021, 14:49 GMT 14:49