The Binance Coin (BNB) is correcting gains after rising over 50% to hit a new all-time high of $148.
The BNB price has exceeded several price levels and hit a new all-time high of $ 148. According to data from CoinMarketCap, the trading volume of the Binance Coin has increased by more than 160% to just under $ 7.3 billion in the past 24 hours. Binance Coin is the seventh largest cryptocurrency by market capitalization with $ 21.7 billion.
Although BNB / USD is correcting gains at the time of writing, a new uptrend could see the USD 150 resistance being retested. On the contrary, profit-taking could lead to lows of $ 120.
Binance Coin is approaching $150
The price of the Binance Coin has hit nearly $ 150 after rising from lows of $ 100. The BNB token resident in the Binance network could still exceed this price level if the buying pressure increases in the next trading session.
Rising as Binance’s ecosystem continues to grow, cryptocurrency has rallied more than any other asset from the crypto top ten.
The BNB/USD pair started its ascendant after breaking above $75. This price barrier had meant that the bulls’ movement was limited within an ascending triangle.
As a result of this hurdle, the Binance Coin exceeded several price levels. This also included the $80, $92, $113, and $120 levels. The price was above the $120 level and the 20-day simple moving average.
As the 4-hour chart showed, a breakout above a rising parallel channel with the price capped at $125 enabled the bulls to move up. The momentum brought BNB/USD to the $150 resistance level, from where prices have declined for the past hour.
Binance Coin price outlook
Selling pressures have put BNB below $140 in the past four hours. Bears have managed to touch the $129 area that bulls are looking to rebound from.
The RSI and MACD on the 4 hour chart suggest bulls are in control. If buyers rebound, the upward momentum could push prices above $132 and bulls could target again above $140 and $150 levels.
However, if prices drop below $ 129, the downtrend could intensify. The correction may extend to the primary support zone near the $120 level and then to the $115 level. Further losses from here could result in sellers trying to re-test the 20 SMA currently at $91.