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Key Level to Monitor: $685
BNB/USD pair consolidated in a narrow range between $794 and $688 after hitting a multi-month high. It hit a low of $708 and is currently trading around $718.20.
Crypto analyst GVR has predicted that Binance Coin (BNB) could hit $1,000 soon, thanks to several factors affecting how investors feel about the market. In addition to BNB, other altcoins like Lunex Network (LNEX) and Ripple (XRP) are gaining interest because of their growth potential.
Intraday bias remains bullish as long as support of $685 holds. It trades below the 34 and above 55 EMA on the 4-hour chart. If the pair closes below $685, potentially leads to further declines towards $670/$633/$600.
Immediate Resistance is at $775. A successful breakout above this resistance could suggest bullish momentum, with further gains possible toward $800/$812/$848/$1000.
Indicators (4-Hour Chart)
- Directional Movement Index: Neutral
- CCI (50): Bullish
Trading Strategy
Consider buying on dips around $685, with a stop-loss set at $640 and a target price of $1000.
