BNB, the native token of the crypto exchange Binance, is now strengthening again by trying to get close to its ATH after resisting a weak selloff which implies that investor confidence in Binance is still very high, where the role of its CEO, Changpeng Zhao, has also given a positive aura among these crypto investors.
Now, based on data from Coin Market Cap (CMC), at the time of writing, BNB has a market cap of $103,550,767,012 and a daily trading volume of $4,773,308,564 which puts the crypto in 3rd place by market cap. And if we compare it to 2020, the market capitalization has experienced a very rapid increase as new investors are interested in crypto joining through the Binance exchange and also liking the features in it, including the Binance Smart Contract (BSC).
4 Hours Technical Chart
At the time of writing, BNB is still in a solid bullish structure with no significant selling resistance. This indicates an attempt to dominate the Bulls that can be used as a guide for us in the next few days for a new ATH formation scheme.
In my technical view, Bulls still have the potential to dominate again because apart from its on-rally technical structure, fundamentally BNB will still be positive because investors still have an optimistic view on crypto with lots and continue to enter this exchange to transact and invest.
Here I try to describe it in the 4-hour technical chart below:
Based on the picture above, the price is right around the ATH level which is an illustration of how optimistic investors are on Binance, so the price structure formed is still quite convincing for Bulls domination.
In my view, at this time frame, BNB has a Key Support level that is quite capable for us to use as a handle in validating a potential trend, namely at the level of $ 596 and $ 635.
In my Bullish view, Support levels are bounce points (in case of resistance to Seller’s action) to bring the price back up (on-rally), where their breakdown will signal for us to be wary of Multi-Day Bearish which is likely to go Up Red Trendline.
Daily Graph Technical:
Also, in the medium term view, the Binance token has returned to its attractive Bulls structure after successfully repelling a mild sell-off so that ATH quickly re-approached on which to base the analysis.
In view of this analysis, Bullish still has the opportunity to continue as long as the price is still in the ATH Area, or does not move too low from this Area, so this can be a kind of Validation Area for the formation of the latest price structure that leads to trend validation.
And for the Bearish scheme, the price formed several strong Bearish candles to push the price from the upper range of the ATH Area, and even broke this Area so that the Bearish would be Multi-Day.
And for a fundamental view, Binance still has a solid non-technical foundation, with the support of investors’ strong interest in the long term in crypto, it will keep Binance shining, and also its BSC which will continue to lift BNB to positive levels in the long term. .