BNB Becomes Third Crypto With Valuation Above $100 Billion

Share Article
In Brief
  • BNB has broken out from a symmetrical triangle.

  • There is support at $600.

  • BNB/BTC is trading inside an ascending wedge.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Binance coin (BNB) has been increasing since April 18 and managed to reach a new all-time high price on May 3.

Sponsored



Sponsored

While the BNB/USD trend is still bullish, BNB/BTC is showing signs of weakness.

BNB all-time high

BNB was trading in a symmetrical triangle since reaching a then all-time high price of $638 on April 12. On April 29, it broke out and has been moving upwards since.

Sponsored



Sponsored

So far, it has reached a new all-time high price of $680, doing so on May 3. This caused it to become the third cryptocurrency with a market capitalization above $100 billion.

Technical indicators are bullish, supporting the continuation of the upward movement. The RSI is moving upwards, being close to the 70 line. Furthermore, the Stochastic Oscillator is close to making a bullish cross. 

A likely target for the top of the movement is found near $770. This is both the 1.61 external Fib retracement of the most recent downward movement, and the height of the triangle projected to the level of the breakout.

Chart By TradingView

Re-test of support?

The shorter-term six-hour chart shows that the main support area is found at $600. This area previously acted as resistance, but BNB returned in order to validate it as support on May 2. 

Furthermore, the token is following an ascending support line, in place since April 23. As long as it is trading above it, the trend is considered bullish. Even if BNB were to break down, it would likely re-test $600 before moving upwards. 

Therefore, as long as the price is trading above $600, the trend is considered bullish.

Chart By TradingView

BNB/BTC

The BNB/BTC pair is not as bullish as its USD counterpart. While it has also been increasing in April, it is potentially trading inside an ascending wedge, which is considered a bearish pattern. 

Furthermore, the pattern is combined with bearish divergence in both the RSI & MACD. Also, it is approaching a crucial resistance level at ₿0.0128. 

Therefore, it is possible that the upward movement is coming to an end.

Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join