Off by 15%’ – How BNB’s price can register its next ATH.
Binance Coin retested a key support level at $593
Metrics seemed to point to a potential price surge on the charts
Binance Coin’s (BNB) price was consolidating in a symmetrical triangle after 31 March, before breaking out on 24 May. The price then surged by 22.44% to hit its all-time high, before a pullback to retest the $593-support level. Owing to this pullback, it’s worth looking at when bullish momentum is likely to return to the altcoin’s market.
At the time of writing, the crypto was valued at over $608, down almost 15% from its latest ATH.
With BNB’s market cap just short of its peak at under $90 billion, the altcoin’s charts revealed that the 50-day and 100-day exponential moving averages stood around the $607.5 and $563.2 support levels, respectively.
That being said, it’s worth looking at the altcoin’s charts with caution. With BNB trading above its support levels, the altcoins’s indicators could be key. The Stochastic RSI, for instance, had a reading of 6.10 – A sign that BNB may be in an oversold zone, vulnerable to a likely price reversal before any major price hikes.
