Binance Coin, which has dropped to fourth place, is attempting to re-energize and march toward the $500 mark. Binance Coin is currently trading at $454, up 4.2 percent, with a market cap of $77.
After a minor pullback, the BNB coin resumed its bullish trend with a morning star candle formation at the $387 support. This bullish candle pattern has returned the coin to a key resistance level of $430, which has now turned into a critical support level.
The Binance Coin price has broken above the $450 critical milestone as the bulls continue to steer the cryptocurrency market. BNB finds strong support between $420 and $430, bolstering the asset’s upward trend toward $500.
Overall, the 4-hour technical analysis indicates bullish strength with a buy signal at the current price level. According to the analysis, 13 of the 26 key technical indicators point to the Binance Coin price rising.
The RSI is currently trading near the edge of the neutral zone. The indicator is currently hovering around the 65 index level, indicating that the Binance Coin market is very bullish.
According to popular analyst Justin Bennet, BNB is on the verge of a price explosion. In this regard, he emphasized the significance of focusing on the key level.
He believes BNB will break higher at any time. I’m watching it to see if it can close above $428 on a daily basis. That would put the price between $480 and $530,” he explained. According to him, altcoins are about to take off.
Scott Melker is also extremely bullish on BNB, aiming for the $700 resistance level.