Binance Coin Price Prediction: BNB Faces Uphill Battle to $600, But Bulls Refuse to Give Up
- Binance Coin has broken above a descending parallel channel amid a push to close the gap to $600.
- The 50 SMA resistance on the four-hour chart must come down to pave the way for the upswing.
- Closing the day under $520 could trigger losses sell orders, and extend the bearish leg under $500.
Binance Coin is up 12.5% in the last 24 hours. The rebound comes after a correction that affected most of the major cryptocurrencies, including Bitcoin, Ethereum and Ripple. Amidst the freefall, BNB spiralled to $430. However, a reflex recovery came into the picture, allowing bulls to push the price above $500.
Binance Coin Bulls Seek Refuge Above $520
Binance Coin teeters at $528 at the time of writing, and according to CoinGecko, the price has remained unchanged over the last hour. Its immediate upside has been limited by the 50 Simple Moving Average (SMA) on the four-hour chart. Trading above this technical level could bolster Binance Coin toward $600.
Note that Binance Coin has broken out of an ascending parallel channel, thus adding credence to the bullish momentum. Closing the day above the SMA will also secure the uptrend. In case the resistance remains intact, holding above $520 is also a good indicator that bulls are still in control.
BNB/USD Four-Hour Chart
Looking at the Other Side of the Picture
It is worth mentioning that the Relative Strength Index (RSI) is meeting resistance above the midline. If this continues, a significant correction will follow. Note that concluding the day under $520 could trigger more losses toward $500 and below. Further down the buyer congestion at $440 is an immense support area robust enough to catapult Binance Coin back into the trajectory toward $1,000.