The Binance Coin surge was one of the eye-catching rallies within the crypto space which emerged from rugs to riches in no time. The platform burns a stipulated amount of coins frequently that assist the price movement towards the north.
However, another burn event is scheduled in the coming couple of days, that may enhance the target from $500 to probably $600 too. With the intensified rally, the price may also hit the levels close to $1000 as per analyst and founder of Gokhstein Media, David Gokhstein.
Interestingly, the ongoing second wave of the price surge is speculated as more sustainable and steady than the first wave in february 2021. As the price climbed high registering huge green candles in a short time frame. In contrast to the current movement, where-in a steady growth including both the greens and red be a part of the parabolic move.
Binance Coin (BNB) Price Analysis
BNB price has successfully retested its old All time high as support on the lower time frames, even forming a bull flag. Moreover the surging transactions on Binance Smart Chain due to affordable transaction fees also fueled the BNB price rally.
The BNB price gained more than 10% spike since the past trading day and managed to trade close to $450 target levels. The price that has entered the discovery phase is expected find new highs very soon.
At the time of writing, the BNB price is $442.31 with a massive surge of 12.04% in the past 24 hours. The indicators also point out towards a bullish trend as the RSI indicators trending in the overbought region close to 80. The price bounced back from the 20-day MA, while the MACD signaled a buy.
- The resistance levels of Binance Coin is in the discovery mode
- The support levels are around $400
- The indicators for BNB price point out towards a buy signal