As the crypto market rebounds, Binance Coin (BNB) has reported some decent gains too. The coin has now surged past a crucial EMA and it seems bulls are pushing it further up. But is the important $500 mark finally in sight? The analysis here below but first, here are some highlights:
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The coin has surged past its 20-day Exponential Moving Average (EMA) of $407 over the past few days.
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If bulls maintain the price action above this point, then we are likely to see a decent rally that takes BNB above $500 in the near term.
Data Source: Tradingview
Binance Coin (BNB) – price analysis and prediction
Like most major coins in the market, BNB has been rebounding from January lows over the last few days. The coin was trading at $433 at press time and about 5% up in the last 24 hours.
However, the fact that BNB has surged past its 20-day EMA is great news for bulls. The challenge will now be to sustain gains above $407. If indeed this happens, then a surge towards $500 is not out of the blue.
Despite this, it is important to note that other moving averages are sloping downwards. The RSI reading is still negative, so some selling pressure could still come. If BNB falls below $407, then a downward pull could send back to its next support of $330.
Why Binance Coin (BNB) is a strong buy now?
Binance Coin (BNB) is associated with the Binance exchange, one of the largest in the world. It is also among the top 10 crypto assets by market cap.
This makes it a legit bet for anyone who wants a decent long-term asset in crypto. In essence, if you are buying Bitcoin or Ethereum, you also ought to include BNB in that calculus.