BNB price has hit $550, which has been an evasive zone since mid-October. According to CoinMarketCap, its trading volume has risen by 27.73% over the past 24 hours.
Binance Coin’s price movements are comparable to those of Bitcoin. Just as BNB has been trading steadily above the psychological level of $500 since Friday, BTC has remained above the crucial resistance-turn-support level of $60,000 since Thursday.
Binance Coin is trading at its highest level since mid-May. While the bulls lacked enough momentum to reach the targeted level of 550 over the weekend, the crypto has remained above the psychological level of 500 since Friday. Prior to that, it has been an evasive zone for two-and-a-half weeks.
At the time of writing, BNB price was down by 1.03% at 546.06. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages. Based on the bullish outlook, the altcoin will likely remain above 500 in the short term.
While a pullback from its intraday high is probable, I expect it to find support along the 25-day EMA at 526.33. Below that level, it may bounce off the 50-day EMA at 513.55.
On the upside, the bulls will need to break the resistance at around 550 to get to the next target at 580. Past that zone, BNB price will be ripe for the psychological level of 600.
This post was last modified on Nov 02, 2021, 02:25 GMT 02:25