BNB exploded 151% when Binance planned to organize an IEO for Cartesi

Since falling to a 2020 low of $ 6.34 on March 13, BNB has fully exploded, up 151.48% and reached a 4-week high of $ 15.93. Unlike LINK, the recovery process is slow and stable as BNB systematically transforms many resistance levels into support.

In addition to the strong over-recovery that has seen many cryptocurrencies regain most of their losses on March 13, Binance news will organization an IEO for Cartesi starting April 21 may be partially responsible for the most recent pump up to $ 15.93.

Many Binance IEOs require investors to use BNB to participate, so this along with the hype surrounding the event could spur BNB purchases.

On the daily time frame, we can see the current process takes place over several days with strong buying volume. The RSI is now at 60, expected to move higher into the rising territory and Chaikin Money Flow shows that buyers are still interested in BNB.

BNB sprung no 2

Daily chart of BNB USDT. Source: TradingView

The resistance is found at the 61.8% Fib retracement level ($ 15.87), which is expected after such an impressive rally but also has support at $ 15.33 when there's a knot. High volume VPVR.

Below this level there is also support at $ 15 and if the pullback is deeper than the traders will find $ 14.06, a point coinciding with the 50% Fib retracement level. A fall below the Fib 50% will also lose the wedge support level but VPVR shows interest buying at $ 12.23.

It can also be argued that on the daily time frame BNB is trading in a rising wedge with targets of $ 19.45 and $ 22. Assuming the Fib 61.8% level plays a role as a resistance, the scenario The potential short-term is to retest $ 14.50, followed by a successful price move above $ 15.87 (Fib 61.8%) to $ 17.22 then surpassing the previously mentioned targets. .

Basically, all support is ranked by Fib levels, so traders should be concerned about trading volume and the pattern of higher lows (higher lows).


BNB sprung no 3

Daily chart of BNB BTC. Source: TradingView

In the BTC pair, BNB increased by 35.88% compared to the bottom on March 13 at 0.00166 sats and the negative set of eye beauty. After reaching a 4-week high of 0.0023 sats, BNB returned to the Fib 61.8% at 0.00225 sats, but the increased buying volume indicated that the bulls intend to slow down the decline.

The daily time frame shows a strong momentum on the MACD chart and the RSI is steadily rising above 70. If BNB pushes the price above 0.00232 sats, the next target is 0.0026 sats.

4-hour BNB BTC chart. Source: TradingView

Although the BNB / BTC pair looks pretty good on the daily time frame, there are a few cautious notes given by the 4-hour chart. If BNB loses the Fib 61.8% level as a support and drops below 0.00223 sats, the price is likely to fall by nearly 7% from 0.00223 sats to 0.00208 sats.

Assuming the 4-hour RSI has been overbought and the MACD is at its highest level since February, a pullback to the Fib 50% and possibly a slide to the support of 0.00206 sats in the trendline Increasing can occur in the short term.


According to Cointelegraph

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