Binance Coin has been a strong performer in the market this year and has gained close to 900% since the $36 lows in January- which was already close to the $39.22 that was the ATH of BNB at that time. The month of March saw BNB pullback from $340 to $200 and had consolidated under $280 before seeing a breakout in recent days. With the quarterly BNB burning scheduled for later in April, the mid to long-term outlook for BNB remains strong both technically and fundamentally.
Binance Coin 12-hour chart
Source: BNB/USDT on TradingView
The $300-$330 has acted as supply in the past month, and the recent move past $280 for BNB saw the bulls push the price past this area. A retest of this area would offer an ideal entry to long positions. The aforementioned quarterly burning is likely to spur more buyers into the scene.
On the charts, the technical indicators showed strong bullish momentum and good trading volume in recent days to support the move upward. Fibonacci extension levels projected bullish targets in the vicinity of $600 for BNB, which would take it to a market capitalization nearing $100 billion.
In a bull market, alongside rising demand, BNB could be headed toward the $450 mark in the next few weeks.
Reasoning
The recent move upward for BNB, from its drop to $186 and back to $356 in the past 24 hours, the 1.38 Fibonacci extension level (yellow) lies at $457, and the 1.5 (150%) extension level at $494.
The climb from $230 has been on the back of a bullish divergence between price and momentum (RSI), and at the time of writing, both the RSI and the Stochastic were in overbought territory.
Trading volume has been above-average in recent days and shows no disagreement with the price movement.
At this time, any pullbacks to the 20-period EMA (white), or even further to the 50 EMA (yellow) are opportunities to buy. A visit to the 50 EMA was unlikely in the next few days, while a candlewick to the 20 EMA is not impossible.
Conclusion
Binance Coin has a strongly bullish outlook in the coming weeks and has a technical target of $457 and a much more optimistic one at $639.
