Binance Coin (BNB) Price Analysis: Breaking Through $500 Resistance
Binance Coin (BNB) has successfully surpassed the psychological resistance level of $500, indicating a bullish momentum in its price.
The current trend suggests a potential retesting of its all-time high near $700.
Since October 2023, $BNB has shown steady parabolic growth, rebounding from $200 and increasing by 161% to its current trading price of $530 over the past five months.
The recent surge in price has seen BNB climb from $303 to $530, marking a 76% increase.
Notably, there have been five consecutive green candles in the daily chart, indicating a robust recovery for BNB.
A rounding bottom pattern is currently influencing the upward trendline in BNB’s price.
On the 4-hour chart, $BNB is trading within a Bullish Flag Pattern.
As per CoinGabbar Prediction, sustaining support above $500 could potentially lead to a rally towards $570, followed by neckline resistance at $670.
Key Levels
- Resistance Level: $538-$550
- Support Level: $515-$500
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