Looking at the daily time frame of Binance Coin we can see that after the crash in May from the local high of $676, it found a bottom at $333 (Feb 2021 Swing High). The absolute bottom was the $258 level, which is the bottom of this accumulation zone and interesting enough we didn't see a single daily candle close below $258 which is a sign of very bullish momentum. In addition to this, BNB also regained this uptrend as well as levels of support all the way up to $348, as it tries to complete its mission of reclaiming previous highs and beyond.
The BEP20 craze with all the tokens being created using the Binance Network for the cheaper fees, alternative to the Ethereum network, caused the price of BNB to roar (native asset to Binance Smart Chain). Obviously not everything can go up in one solid motion and it needs time to cool off before moving back up.
At the moment, BNB is sitting at a Spot price of $365 and I believe that the price will continue to range in the region of $348 - $432 until it breaks out to the topside in mid July back up to $500. It's going to face some resistance around the $432 region as it tries to reclaim this level as support as well as the downtrend around $500. I'm talking a month out price action here and i'm sure i'll update you traders before that as we move up.
Thank you for reading and wish the best with your trades
The BEP20 craze with all the tokens being created using the Binance Network for the cheaper fees, alternative to the Ethereum network, caused the price of BNB to roar (native asset to Binance Smart Chain). Obviously not everything can go up in one solid motion and it needs time to cool off before moving back up.
At the moment, BNB is sitting at a Spot price of $365 and I believe that the price will continue to range in the region of $348 - $432 until it breaks out to the topside in mid July back up to $500. It's going to face some resistance around the $432 region as it tries to reclaim this level as support as well as the downtrend around $500. I'm talking a month out price action here and i'm sure i'll update you traders before that as we move up.
Thank you for reading and wish the best with your trades
