BNBB/USD has provided speculators with a massive display of optimistic fireworks regarding its value since the 5th of April. In fact, since the 30th of March, when BNBB/USD was trading near 265.0000, the cryptocurrency has produced a remarkable rise upwards as its bullish trend continues to prove it has muscle. A record high of approximately 415.0000 was seen in BNBB/USD late last night. Since then a reversal lower has taken place, but BNBB/USD remains within eyesight of the 400.0000 mark.
BNBB/USD has not only mirrored the exuberance seen in the broad cryptocurrency market, but also continues to exhibit the possibility that Binance Coin can be viewed as a relatively good barometer for behavioral sentiment and a solid forecaster of price action which will occur. BNBB/USD has produced good gains and certainly been part of a bullish trend, and its ability to also show a rather sustained support level and incrementally increase the technical ratios higher has not gone unnoticed.
After its fast rise upwards, speculators may be questioning where adequate support levels can be practiced in order to use them as stop loss ratios. Because of the unrelenting change in value, projecting a support level may prove rather dangerous, but if BNBB/USD can sustain its current price above the 385.0000 to 380.0000 junctures, this may prove to be a rather attractive place to position stop losses, or for cautious traders, a location to launch buy orders on pullbacks which could develop short term.
Speculators need to understand the capacity BNBB/USD has generated regarding volatility the past two weeks of trading. Binance Coin has seen its value go up by nearly double since the 25th of March when BNBB/USD was trading at ‘only’ 225.0000. Having reached a price of nearly 415.0000 late last night should make traders excited, but also nervous. The old adage that volatility can work in both directions needs to be given attention.
However, current market conditions point to speculative fever remaining rather strong short term. Traders looking to jump on the bandwagon need to remain practical and not wager their life savings on cryptocurrencies, but BNBB/USD can provide speculators with an opportunity to seek more upside momentum if they are willing to acknowledge the risks involved and use proper trading techniques to guard against sudden painful reversals.
Binance Coin Short-Term Outlook:
Current Resistance: 415.0000
Current Support: 383.0000
High Target: 440.0000
Low Target: 363.0000
