What’s next for Binance Coin (BNB) after its new record high?8. Januar 2021
BNB is trading above support at $ 39.
Technical indicators are bullish.
BNB follows a short term ascending support line
Binance Coin (BNB) price hit a new all-time high on December 29, 2020. Since then, it has continued to rise. Bitcoin Bank should continue to climb towards the target located at $ 50, and potentially towards $ 70.
BNB hits new record high
On June 22, 2020, BNB hit a record high of $ 39.51. It then began a considerable upward movement, descending to a low of $ 6.38 on March 13. Since then, that said, it has been on the rise.
On December 29, 2020, it hit a new high, rising to $ 44.90.
The old resistance, located at $ 39, should now serve as support.
Cryptocurrency trader @Tradingtank pointed to a BNB chart, saying the price will likely go up. He presented targets located at 46 and 52 dollars.
The technical indicators in the daily chart are bullish, supporting the continuity of the upward movement although the chart is disproportionately extended.
That said, knowing that BNB is moving at its highest level to date and therefore has no resistance above its current price, we need to use a fibonacci extension in order to establish our next targets.
Additionally, the two hour chart shows BNB is also following an ascending support line. The latter coincides with the minor support located at $ 42. As long as the BNB is moving above this zone, the trend is up.
Similar to the daily data, the two hour chart indicators are also bullish
The wave count suggests that BNB is likely in wave 3 of a long-term bullish impulse (white below), which started in March.
A plausible target for the top of the entire movement would be at $ 69.58. This would give us a 1: 1.61 ratio for 1: 3 waves, which is common in bullish impulses.
The short-term chart shows that BNB is expected to peak in sub-wave 3 (in orange) while the sub-wave count is shown in black.
The most plausible targets for the top of Sub-Wave 3 are found at $ 46 and $ 50-51. They are obtained using a combination of fibonacci extensions (in orange) and projections (in black).