BNB Blasts Through Two-Week High: Is $1000 Next?

BNB/USD  breaks two-week high after a long consolidation. It hits a high of $660.30 and is currently trading around $660.10.

Short-term trend remains bullish as long as the support $598 holds. It trades above the 55 and 34, 200 and 365  EMA on the 4-hour chart. Near-term support is around $644 (365- EMA), any close below targets $628/$598/$570/$520.  If the pair closes below $500, potentially lead to further declines towards $400.

Immediate Resistance is at $661.Any breakout above this resistance confirms bullish momentum and a jump towards $669/$680/$730/$800/$1000.

Indicators (4-hour Chart)

• Directional Movement Index: Neutral
• CCI (50):  Bullish

Trading Strategy

It is good to buy on dips around $650 with a stop-loss set at $635 and a target price of $800/$1000.