- BNB price prediction highlights a short-term price rejection around the $590 upper layer supply region.
- Binance coin has to close the day above the $590 critical supply barrier to resume its upward price trend.
- According to supply distribution data, whales are currently accumulating Binance Coin tokens.
At the time of writing, BNB is on a recovery path after experiencing a massive price dip over the weekend. The sudden price drop came at a time Binance coin had recently recorded a new all-time high. At present, the ongoing price recovery shows signs of Binance coin retesting key resistance barriers in its quest to set up new milestones.
BNB Price Prediction: General price overview
On 12th April, Binance coin managed to record a new all-time high price tag of $637 before quickly embarking on a downward trend. Binance coin retraced by about 30 percent since hitting the new ATH. Luckily, the crypto asset found support around the $430 region, where it formed 2 higher highs. Due to this, the Binance coin is on the edge of bypassing the critical $557 to $595 supply region.
If the crypto-asset manages to bypass this area, it is likely to retest the new ATH after surging by 8 percent. Additionally, the Binance coin is on course to surge past the 127 percent, 142 percent, and 162 percent Fibo extension levels at around $696, $726, and $769, price regions, respectively.
BNB price movement in the past 24-hours
According to the crypto coin’s 24-hour price chart, the Binance coin appears to have support from the whales as holders of the token between 100,000 to 1 million are on the rise. This is validating its projected bullish outlook as whales have increased by about 7 percent. This shows that heavy traders and investors have confidence in the coin and expect it to blow up soon.
The whale transaction technical indicator is a type of scale that monitors transactions worth more than $100,000. An increase in this scale serves as an indicator of heavy net worth investors interested in the crypto asset. Usually, an increase in whales is often followed by a bull run in the market. At present, the Binance coin has witnessed a sudden 270 percent increase in whales since 20th April. This validates the ongoing projections of a significant bull run in the offing.
BNB 4-hour chart
According to the Binance coin 4-hour chart, the crypto asset is on the verge of a significant bull run if it manages to bypass the critical rejection barrier at $590. At the time of writing, the crypto coin trades at around $581 while its MACD blue line is way over the signal line. All critical technical indicators are shouting bullish.
While the looming bullish momentum appears sure, any price uptrend is dependant on the ability of the token in bypassing the indicated supply region. If the Binance coin fails to close the day above the $590 price region, it will likely open the door for a price dip that might take it towards the $550. This is due to the upcoming selling spree that is expected to happen for the crypto coin. If the selling pressure gains momentum, the Binance coin risks plunging further downwards towards the critical support levels towards $470.
The current bullish narrative gives the Binance coin bulls the advantage of pushing the price of their favorite token to new milestones towards the $800 region. This is possible if holders of the coin refuse to sell the crypto token despite the mounting selling pressure.
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