Holders of the cryptocurrency “BNB” – the official currency of the Binance trading platform – have many reasons to celebrate.
As its bullish momentum has not stopped, it appears that the bulls are ready to send their prices towards higher levels without anything stopping them.
The cryptocurrency closed on April 6 at a new all-time high of $ 411.7.
This rate represents an increase of 9%, down to 6% in the last 24 hours.
Whereas, the crypto market at the time of writing this article is facing some downward corrections that mark the general Bitcoin trend.
BNB digital currency and the challenge of staying above $ 400:
The BNB digital currency broke the $ 400 area yesterday, but that number is now the new hurdle to overcome at this point in price discovery.
In general, in the absence of previous supports at this level, traders tend to focus on the round numbers to set their alerts.
The BNB cryptocurrency took off from yesterday’s $ 368 level, which in itself was a really good sign.
On its upward journey, the currency went through a slight correction, after which the currency continued its upward trend.
Fibonacci extension heralds a potential rally to $ 454 before meeting potential strong resistance.
From there, the next targets will be near $ 482.
On the other hand, if the cryptocurrency eventually loses strength and corrects lower, the Fibonacci retracement itself places strong support in the $ 368 region, which will simply undo the growth that BNB achieved on April 6th.
It will not be seen as a big loss for swing traders but rather a reflection of the gains in general.
The outlook is good for BNB cryptocurrency.
For now, the cryptocurrency has not overreacted to Bitcoin’s volatility and is sticking to its own pace.
As Bitcoin has struggled to breach the $ 60,000 mark since mid-March, Binance has not stopped growing in the same time period.
Bitcoin Bulls Struggle to Raise the Price:
Bitcoin appeared to be unstoppable after starting an accelerating rally in the fourth quarter of 2020, and breaking all barriers that came in its way.
But then, after briefly crossing the $ 60,000 barrier to record an all-time high of $ 61,680, the main cryptocurrency began to show signs of exhaustion.
After correcting and losing more than $ 10,000 in two weeks, Bitcoin managed to catch its breath and stabilize it.
But it wasn’t able to re-launch with enough force to break the $ 60,000 mark.
This month, Bitcoin has traded sideways, between lows around $ 56,800 and highs around $ 60,000.
Currently the long-term outlook remains bullish.
The cryptocurrency is still in the channel that it started after major institutional investments promoted by Micro Strategy, Tesla, Square and other big players.
Will Bitcoin soon be able to break the stubborn resistance of $ 60,000 soon?