Much of the ecosystem has been awakening since the end of 2020, thanks to a fully strengthened Bitcoin attracting capital to the market. BNB has been one of the companies that has benefited the most, achieving a record high of $ 45.16.
Although it is true that we are seeing losses in the last days in the market, as a result of the correction that BTC is making, the prevailing forces are still totally bullish.
Binance Coin has not escaped from this correction, trading $ 38.78, losing 8.07% in the last 7 days.
Next, we carry out a technical analysis of this cryptocurrency, in order to get signals that tell us what could happen next.
BNB Monthly Chart Tells Us Recent All-Time High May Fall Short
When we analyze the Binance Coin chart on a monthly basis, we notice a clear long-term uptrend, composed of increasingly higher lows and highs.
This BNB trend is currently building momentum, and is being hampered by the supply zone left by the previous all-time high.
This momentum should still drift well away from the current point before exhausting and giving way to a correction.
When the price manages to get rid of the immediate barrier, Binance Coin will enter uncharted territory, and that is when it will start to surprise us with volatile movements.
BNB monthly chart after marking a new all-time high. Source: TradingView.
Medium-term trend corrects, but may be about to resume
On the time frame with weekly candles we see BNB escaping into uncharted territory after hitting that all-time high at $ 45.16.
However, this token could not unfold with much positivity, due to the feeling of fear that Bitcoin imposed with the pullback it is making.
In the BNB vs USDT chart it seems that this correction is already ending, if we notice that the current candle already begins to leave rejection of bearish intentions.
If BTC does not lose relevant supports in the near future, it is highly likely that we will see the entire ecosystem resuming the uptrend quickly.
BNB vs USDT weekly chart. Source: TradingView.
Short-term trend is being challenged
With the decline that the entire market is making, BNB lost an immediate support at $ 42.35.
Despite this, the bulls already managed to defend the price at the support located at $ 37.35, and as long as this is not crossed, the downward intentions will not be very relevant.
Knowing that the major trends are bullish, we understand that the odds are totally on that side, even though we see slight short-term bearish intentions.
Most likely, BNB will mark a new all-time high in the near future.
Binance coin daily chart. Source: TradingView.
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