• Key Support Level: $ 516
• Key Resistance: $ 600; 692

The BNB rebounded more than 10% in the past 24 hours and broke over $ 600 before being pushed back by the bears. The bull momentum remains strong allowing the BNB to break this resistance and test the all-time high at $ 692.

This spike came after price broke out above a large symmetrical triangle (in blue) that was successfully tested as a support. Hence, BNB is expected to be one of the best performing coins on the market right now.

BNB / USDT daily chart | Source: TradingView

Technical indicators

Volume: The upward movement is also supported by an increase in volume, which indicates strong purchasing power at higher levels. As a result, the NBB could continue to rise before a significant pullback.

RSI: The RSI just broke above 70 on the daily timeframe, showing that the bulls are in control. However, when the RSI hits 80, traders should be careful as the price has reversed here in the past.

MACD: The MACD is in positive territory and rising, which supports the continuation of the uptrend.

BNB / USDT 12-hour chart | Source: TradingView

Perspectives

BNB’s bullish momentum remains strong. Hence, the BNB is likely to break above the $ 600 resistance and move closer to its next target of $ 692.

Important support can be found at $ 516, the September high.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

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