Binance Coin (BNB) is correcting gains after rallying over 50% to set a new all-time high of $148
BNB price has broken past several price levels to set a new all-time high of $148. According to data from CoinMarketCap, Binance Coin has also seen its trading volume soar more than 160% in the past 24 hours to stand at just under $7.3 billion. Binance Coin now ranks as the 7th largest cryptocurrency by market capitalisation with $21.7 billion.
Although BNB/USD is correcting gains at the time of writing, a fresh upside could see it retest the $150 resistance. On the contrary, profit-taking could push it to lows of $120.
Binance Coin comes close to $150
The price of Binance Coin has come close to touching $150 after spiking from lows of $100. The BNB token, native to the Binance network, could still surge past this price level if buying pressure picks up in the next trading session.
The cryptocurrency, which is spiking as Binance continues to grow its ecosystem, has rallied harder than any other top ten crypto asset.
BNB/USD began its ascending trajectory after breaking above $75, a price barrier that had meant bulls’ movement was limited within an ascending triangle pattern.
After that hurdle, Binance Coin broke above multiple price levels, including the $80, $92, $113, and $120 levels. The price settled above the $120 level and the 20-day simple moving average.
As shown on the 4-hour chart, a breakout above an ascending parallel channel that capped prices around $125 allowed bulls to move higher. The momentum took BNB/USD to the $150 resistance level from where prices have bounced lower over the past hour.
Binance Coin price outlook
BNB/USD 4-hour chart. Source: TradingView
Selling pressure has seen BNB dip below $140 over the past 4-hour session. Bears have managed to touch the area around $129 from which bulls are looking to rebound.
The RSI and MACD on the 4-hour chart are suggesting bulls remain in control. If buyers manage a rebound, the upside momentum could take prices above $132 and see bulls target $140 and $150 levels once again.
However, if prices fall below $129, the downside could strengthen further. The correction might extend to the primary support zone near the $120 level and then $115. Any more losses from here could see sellers look to retest the 20-SMA currently at $91.