THELOGICALINDIAN - Binance Coin BNB continues to ability aback to aback 2024 alltime highs and its success has some analysts apprehensive if it will beat Bitcoin over the longterm
Market Overview
On Tuesday Binance Coin (BNB) [coin_price coin=binance-coin] alveolate a new best high of $32.43 as its bazaar assets leaped over $4 billion.
The 7th better cryptocurrency by bazaar cap has surged 16.46% over the accomplished 48 hours, 36% over the accomplished week, and 502% in 2024. Multiple timeframes appearance BNB is overwhelmingly bullish and anybody is apprehensive how aerial the altcoin can run.
Let’s accept a attending at the archive to see what the approaching could authority for BNB.
Binance Coin Price Analysis: 4-HR Chart
BNB continues to set college highs and trades able-bodied aloft the ascendance trendline that captivated aback February. After extensive a new USD aerial at $32.43, BNB is demography a abbreviate blow to consolidate and the RSI has pulled aback from 76 and currently descends beneath 66.
As apparent on the 4-hour chart, BNB is acutely in a stair-step arrangement and the action appears to be repeating itself as BNB consolidates to adapt for the abutting leg up.
At the time of autograph the 4-hour MACD is beyond bearish and bottomward from overbought area and it should additionally be acclaimed that the circadian MACD is the best continued it has been back January 2024 back BNB accomplished its antecedent best aerial of $25.13.
Over the concise BNB could pullback to $30.80 and added to $29.86 area the 20-MA of the Bollinger Band indicator is located. A abounding amend of Tuesday’s assets would accompany BNB to $28.39 and this point additionally aligns with the ascendance trendline which has not been burst back March 19.
BNB/USDT 1-Hour Chart
The 1-hour blueprint appearance BNB beneath the average arm of the Bollinger Band indicator and as both bands bind and the RSI descends beneath the ascendance trendline, it’s accessible that BNB could pullback to the levels mentioned above.
BNB/BTC Daily Chart
On Tuesday the BNB-BTC bond additionally angry bullish as BNB set a college low aloft the 12 and 26 EMA and the 12 EMA is on the border of bridge aloft the 26EMA and the circadian MACD is bullish and about to cycle over 0.
Unarguably, BNB’s bulk activity is actuality apprenticed by alternating IEOs commutual with BNB and the new action system, which requires applicants and participants to authority a agreed bulk of BNB.
Surely the accessible Harmony IEO on May 27, the barrage of Binance DEX and contempo announcements like this one from Binance CEO Changpeng Zhao are acknowledging BNB’s avaricious beforehand to new best highs.
[Disclaimer: The angle bidding in this commodity are not advised as advance advice. Market abstracts is provided by Bitfinex. The archive for the assay are provided by TradingView.]
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Images address of Shutterstock, Trading View. Market abstracts sourced from Coinbase
