The crypto market sentiment is generally optimistic following impressive performances in some selected tokens. Binance Coin (BNB) has been in an uptrend since the start of 2021, rallying by nearly 950%. BNB price increased sharply in early Monday trading and reached fresh all-time highs of $643 before a slight retreat. Now trading presently at $577, BNB has gained 19.92% in the last 24 hours and 67.67% weekly. BNB growing demand as an Ethereum alternative stems from the continued congestion on the ETH network. Ranking 3rd largest with a present market capitalization of $88.35 billion, BNB has surpassed traditional banks, including Santander, the Bank of Montreal, and UB. On Apr. 12, BINANCE announced the official launch of its zero-commission, tradable stock tokens, allowing the users to trade fractional stocks. The first Binance Stock Token that will be listed is Tesla Inc. (TSLA).
*Binance Coin (BNB) has been in an uptrend since the start of 2021, rallying by nearly 950%
*BNB increased sharply and reached fresh all-time highs of $643
*Binance announced the official launch of its tradable stock tokens
Key Levels
Resistance Levels: $750, $700, $643
Support Levels: $531, $450, $391
BNB/USD Daily Chart: Bullish
BNB/USD Daily Chart
BNB started a fresh increase above the prior day’s resistance at $536. BNB/USD subsequently traded to new all-time highs at $643. Although BNB price has retracted since after hitting the $643 level, further upside move may still be expected as the upward-sloping RSI is yet to confirm overbought conditions at 85 reading. If buying interest persists, the BNB price could hit the $700 mark. However, bulls should not allow the price to drop below the MA 50 at $293 for this scenario to be valid.
Conversely, if the bears take the upper hand and steer the price below the current levels, immediate support could be encountered from the former barrier at $536.A successful dive underneath the floor of $536 may see the retracement challenge the $353 and $318 support levels. Should the price plummet further, the MA 50 at $293 could try to dismiss the decline ahead of the primary support at $223.
BNB/USD 4-Hour Chart: Bullish
BNB/USD 4-Hour Chart
Looking at the 4-hours chart, BNB found a foothold on the support at $531 after it receded from its latest high of $643. The BNB pair has settled nicely above the $560 level and remains well above the moving averages, supporting the optimistic outlook. The market structure remains skewed to the upside with the RSI at a bullish 75 level. On the upside, the $643 is currently keeping the bulls under control.
Should it give way, the pair could rally to $700. BNB is trading in an uncharted zone with no defined resistances above. Beyond the latter, the door would open for the key resistances at $800 and $1000.
A step below today’s low of $531 could last until the price enters the $430-448 area, formed by the MA 50 and April 10 range. A break lower would shift the outlook to neutral, bringing the ascending trendline support at $355 and the MA 200 ($313)next into view.
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