Binance Coin makes double backside patterns

The Binance coin hit an ATH after rising to hit $ 414.36 on April 7, 2021. The BNB’s ATH is now at $ 414.36, which is slightly higher than the previous ATH of $ 351.

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Binance CEO shared his thoughts on Twitter about BNB reaching ATH.

The Binance Coin (BNB) that powers the Binance ecosystem pays gas fees and can also be used to consume real-world services. Because of this wide range of uses, investors poured in and started investing in the bull markets in February.

Price analysis for Binance Coin (BNB)

Binance coins are trading at $ 400 as per CoinMarketCap data as of April 8, 2021. The BNB has a market capitalization of USD 61,950,886,540 with a volume of USD 5,916,226,706 traded in the last 24 hours. The trading volume increased by 4% compared to the previous trading session.

BNB price is around the $ 400 level and is currently in an ascending parallel pattern. There may be selling pressure and drop below the $ 386 and $ 372 support which are expected to provide good support.

BNB Binance

If you look at the 30-minute candlestick chart, you can see the formation of the ascending parallel pattern, which is a bullish indication. Resistance at $ 406, $ 412 and further at $ 415 could try again to stop the uptrend.

If the BNB breaks the previous high at $ 414, it could lead to a new ATH. The sudden surge in transaction volume can complement this upward momentum.

The technical indicator RSI is 61 in the overbought zone. The MACD levels are bearish and strong momentum is inevitable shortly after the accumulation period. The Bollinger bands are at a decent level, with prices trading in support of the upper band.

It is also possible that the sell-off situation could trigger a price drop to the USD 340 support level. However, looking at the markets, sentiment is bullish and experts suggest the BNB could break its ATH soon.

Resistance Levels: $ 406, $ 412, $ 415

Support levels: $ 386, $ 372

RSI (14): 61

MACD: Bullish

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