BNB, also known as Binance Coin, has seen its price surge since March 10th, reaching a new yearly high of $346.30 on March 18th. After seeing some decline, the price rose again on April 3rd, boosting optimism for the cryptocurrency's prospects. Technical analysis reveals a positive outlook for BNB prices, with the coin likely to increase toward the $455 mark.
The 12-hour time frame technical analysis gives previous evidence of an upwards wave taking form, with BNB seemingly forming wave three of a five-wave movement. This indicates that BNB is set to experience a strong rate of growth before reaching the wave's peak at $455. In cases where wave one and three have a 1:1 ratio, BNB's likely target will be at $383.
On the other hand, a decline of the BNB price could be seen if it falls and breaks the support at $299. This could lead to a downward spiral of the cryptocurrency towards the $220 support area.
Recent developments in the BNB market have definitely given reason for investors to stay positive about the coin's performance in April. Investors are thus advised to follow key support and resistance levels and ensure timely entry and exit of their investments. Opting for a stop limit order when entering could be a smart option to limit potential losses. With all these considerations and the positive technical perspective in mind, a potential rise towards $455 is highly likely.
Christopher Wood
- 2023-04-11
Binance Coin (BNB) Price Surge with Positive Outlook
BNB has seen its price surge over the past few weeks and technical analysis is indicating that it could rise to the $455 mark. Recent developments in the BNB market have created a positive outlook. Investors are advised to follow key support and resistance levels and opt for stop limit orders when entering.
![CandleFocus BNB-BinanceCoin-455-TechnicalAnalysis-StopLimitOrders](https://images.candlefocus.com/Binance-Coin-(BNB)-Price-Surge-with-Positive-Outlook.jpg)