BNB Prone to “Rocket” Breakout
by Bogdan Giulvezan
At the time of this writing, Bitcoin is hovering just below $60K, trading at $59,820, with a 12.80% increase over the last 7 days. According to TradingView charts, the high for the day was $60,103, and the digital “king” is correcting lower but has a bullish bias overall.
The fuel behind the recent Bitcoin fire may be the fact that Paris Hilton said Thursday in a CNBC interview that she is “very, very excited” about Bitcoin. Oh gosh, such eloquence… But let’s assume for a moment that the original influencer, “inventor” of the selfie and business-savvy heiress is not fully responsible for Bitcoin’s recent gains. Then what or who is? Maybe Coinbase?
The cryptocurrency giant Coinbase Global Inc. recently received the go-ahead from the U.S. Securities and Exchange Commission (SEC) to list its shares on Nasdaq. This is another proof that cryptocurrency is gaining more and more acceptance from the mainstream financial world and that it is becoming a viable investment vehicle. According to a Coinbase blog post, the shares were approved by the SEC on Thursday, and trading on Nasdaq is expected to start on April 14.
In other news, Visa just announced earlier in the week that USD Coin will be used to settle transactions and PayPal just opened the door for U.S. clients to use digital currencies to pay at millions of merchants online. I don’t know Paris, but the fact that you are “very, very excited” seems a bit underwhelming compared to the other stuff… just saying.
Most top altcoins seem to follow Bitcoin’s lead, with Ethereum trading at $1,999, inches away from its All-Time High and with more than 22% gain over the last 7 days, while Binance Coin (BNB) has added a whopping 44% (7 days) and currently trading at $353. According to TradingView charts, the previous ATH was $368 but according to CoinMarketCap data, the ATH is already broken. Without taking into account this discrepancy, it’s clear that BNB is on fire and probably prone to further upside.
Chart Analysis – BNB/USD
BNB has already surpassed its previous high located at $320 and it’s currently attempting to break the all-time high located at $368. After breaking out of the flag formation seen on the daily chart below, BNB started to accelerate and to show clear signs of strength. The candles are long and full, as opposed to the previous period when price action was choppy and without clear direction.
Given the current price action exhibited by Binance’s digital currency, it’s very likely to see a break of the previous all-time high, which would make the coin even more appealing to buyers and would take price closer to $400. On the other hand, if the pair forms a double top and starts correcting lower, it may find support at the previous high ($320), followed by the 50 periods Moving Average.