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Binance Coin Price Analysis: BNB Goes Ballistic Eyeing New Record Highs Toward $450

Daily Binance Coin BNB Price Forecast

2 Min Read
Last Updated April 8th 2021
  • Binance Coin rolls north after bouncing off key technical pattern support.
  • BNB reclaims position above $400, ready for takeoff heading to $450.
  • The TD Sequential indicator potential sell signal could mark a downtrend's beginning.

Binance Coin has become a leader in the cryptocurrency industry, challenging established projects such as Ripple and Tether (USDT). BNB rose to clinch the third position in the market within a short period. Besides, the bull run has been highly yielding, with Binance Coin trading record high after record high.

Binance Coin Sustains Long-Term Uptrend

Since March 20, when formidable support had been established slightly above $220, Binance Coin has sustained the uptrend within an ascending parallel channel. The upper edge of the channel limiting price movement while the lower boundary was keeping the bears at bay.

At the time of writing, BNB trades marginally above $400 while holding onto support provided by the channel's middle boundary. The least resistance is upward based on the Relative Strength Index (RSI) on the four-hour chart. If this trend indicator moves into the overbought region, Binance Coin will build the momentum to overcome the resistance at $420, allowing bulls to look toward $450.

BNB/USD Four-Hour Chart

The Moving Average Convergence Divergence (MACD) indicator on the daily chart shows buyers are in control. The MACD line (blue) has maintained the position above the signal line, suggesting that Binance Coin is on a continuous upward roll.

Simultaneously, the SuperTrend indicator on the 12-hour chart has a bullish impulse, reinforcing the ongoing uptrend. Note that the call to long BNB came into the picture on March 21 and the indicator is still green. As long as the SuperTrend indicator below the price, Binance Coin will have the ability to hit highs above $420 and extend the action to $450.

BNB/USD 12-Hour Chart

Binance Coin Bearish Outlook

The TD Sequential indicator will likely flash a sell signal on the 12-hour chart in the coming hours or day. This call to sell will manifest in a green nine candlestick. It will imply that buyers are losing traction and signalling the bears to reclaim control. If validated, Binance Coin will plunge in one to four candlesticks, marking the beginning of a downtrend.

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