The middle of April in the BNB market was marked by a new all-time high, which buyers set at $638. After breaking the global critical range of $337-355, the coin price quickly began to form a new wave of growth. In just 4 days, buyers were able to raise the price by almost 80%. And they find a serious resistance zone for sellers at $550-570. In this range, large investors began taking profits, confirming the trading volumes:
Of course, in comparison with previous trading volumes, when buyers were approaching $337-355 on 19 February, now buyers look weaker. However, this did not stop them from updating the historical high. Also they partially gave the initiative to sellers for correction.
BNB price is in the phase of local correction
In addition, on the chart, we have shown a local white channel of the BNB price fall, which is within the global growth channel. If buyers fail to reverse sellers’ initiative in the market, the correction may drag on until at least the end of April. The aesthetic critical point for the growth scenario is at $387. Though, while buyers control the range of $337-355, the chances of the growth wave continuation are much bigger. Despite how frankly crypto coins fell on Sunday and broke all possible obstacles, it is better to select the strongest places for a potential reversal.
Weak correction in the market encourages further growth
Analyzing the BNB market situation on a lower timeframe, we see that the local fall wave corrected the growth wave from 25 March by 38.2%. A fairly modest correction, which indicates on two facts:
- Despite the BTC fall on 18 April, BNB buyers did not allow a deep correction. In such a way they show their serious plans for the future.
- Unsuccessful attempt of buyers to fix above $550-570 will lead to the continuation of the price movement in the white channel. However, this scenario will confirm that the BNB market continues a correction and not a trend change.
If we also analyze the situation on the BTC market, which certainly affects the BNB market, we see that the fall wave may be unfinished:
Since buyers could not keep the previous historical high at $61,699, their weakness will allow the BTC market to fall deeper, to $46,900. This scenario fits perfectly into the BNB concept, which we wrote about above. Therefore, the continued growth of the BNB market with the target of $700-730 is highly probable. Though, after the correction and the test of $355.
