Home Crypto Binance Coin (BNB) is Only $100 Away From New All-Time High

Binance Coin (BNB) is Only $100 Away From New All-Time High

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Binance Coin (BNB) is Only $100 Away From New All-Time High

Binance Coin (BNB) has regained its footing after a virtually two week lower and will quickly make an try at reaching a brand new all-time excessive.

BNB has been growing alongside an ascending help line since May 23. The upward motion was initially swift, however the token stagnated within the interval from late Aug to late Oct. 

However, the rise accelerated after BNB broke out (inexperienced circle) from a descending resistance line (dashed). This practically led to a brand new all-time excessive worth, culminating with a excessive of $669 on Nov 7 (purple icon). 

However, it was rejected by the $670 resistance space (purple icon) and has been reducing since. 

Chart By TradingView

Cryptocurrency dealer @TradingTank outlined a BNB chart, stating that the token has made a double backside and will enhance in direction of the Nov highs at $670.

Source: Twitter

Since the tweet, the token made an try at breaking out however was rejected from this resistance. 

Future BNB motion

The short-term chart exhibits that BNB is dealing with resistance at $610. This is the 0.618 Fib retracement resistance degree and a horizontal resistance space. 

While the token was rejected from this space on Nov 21, it appears probably that it’s going to finally get away. 

The purpose for this is that the lower that started on Nov 7 appears like a 3 wave corrective construction. This is particularly seen due to the overlap (purple icons) between the Nov 10 low and Nov 20 excessive. 

In flip, it appears probably that the lower was corrective whereas the development is transferring upwards.

Chart By TradingView

If the token does get away, the subsequent resistance could be all the way in which at $980. This is the 1.61 exterior Fib retracement resistance degree.

Furthermore, plainly BNB is in wave three (yellow) of a 5 wave upward motion. Wave three is often the sharpest out of the upward waves. 

An enhance that takes it to $1,000 would give waves A:C an precisely 1:2.61 ratio, which is the second most typical after the 1:1.61 ratio. 

Therefore, the $980-$1,000 space provides a confluence of Fib resistances for a neighborhood high.

Chart By TradingView

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