What’s Next for BNB After Another All-Time High?

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In Brief
  • BNB is trading above support at $39.

  • Technical indicators are bullish.

  • BNB is following a short-term ascending support line.

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The Binance Coin (BNB) price reached a new all-time high on Dec. 29 and has been moving upwards since. BNB should continue moving upwards towards the targets of $50 and potentially near $70.



BNB Reaches All-Time High

On Jun. 22, BNB reached an all-time high of $39.51. It began a significant downward movement afterward, which lead to a low of $6.38 on Mar. 13. However, it has been moving upwards since.

On Dec. 29, it reached a new all-time high and has been increasing, reaching a high of $44.90 to date.



The previous resistance area at $39 is now likely to act as support.

Chart By TradingView

Future Movement

Cryptocurrency trader @Tradingtank outlined a BNB chart, stating that it’s likely to increase. They gave targets of $46 and $52.

Source: Twitter

Technical indicators on the daily time-frame are bullish, supporting the continuation of an upward move, even though the rally is overextended.

However, since BNB is trading at an all-time high and there are no resistance levels above the current price, we need to use a fib extension to determine future targets.

Chart By TradingView

Furthermore, the two-hour chart shows that BNB is also following an ascending support line, which coincides with the minor $42 support area. As long as BNB is trading above this level, the trend is bullish.

Similar to the daily time-frame, indicators on the two-hour time-frame are also bullish.

BNB Chart By TradingView

Wave Count

The wave count suggests that BNB is probably in wave 3 of a long-term bullish impulse (shown in white below), which began in March.

A possible target for the top of the entire move is at $69.58, which would give waves 1:3 a 1:1.61 ratio, common in bullish impulses.

BNB Chart By TradingView

The short-term chart shows that BNB is likely nearing the top of sub-wave 3 (shown in orange), while the minor sub-wave count is given in black.

The most likely targets for the top of sub-wave 3 are at $46 and $50-$51, found using a combination of fib extensions (orange) and projections (black).

BNB Chart By TradingView

Conclusion

To conclude, as long as BNB is trading above its short-term ascending support line, it should continue rallying towards $50 and possibly $70.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

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.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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