BNB-USDT(Consolidation Breakout)
Binance is the talk of the town and is trading near its all-time highs fueled by ~$595 Mn token burn and its conviction to reduce its current circulating supply to 100 Million has motivated market participants to price it a premium valuation. The insignificant growth of the DeFi protocols on Binance smart chain has also contributed for pushing the BNB price higher.
On Daily Time Frame, BNBUSDT gave a Breakout from the Wedge Formation and made its high of $680 (May 3, 2021). It was eaten away by the Bearish Engulfing Candle the following day. However, it was not supported by huge volumes which undermined the power of the bearish momentum.
The consolidation after the breakout from the Wedge has also been done away with by a strong Bullish candle in the making.
Key Levels to Watch Out For-
The support to the lower side is present at $600 while BNB may give targets of $840 to the higher side.
On Daily Time Frame, BNBUSDT gave a Breakout from the Wedge Formation and made its high of $680 (May 3, 2021). It was eaten away by the Bearish Engulfing Candle the following day. However, it was not supported by huge volumes which undermined the power of the bearish momentum.
The consolidation after the breakout from the Wedge has also been done away with by a strong Bullish candle in the making.
Key Levels to Watch Out For-
The support to the lower side is present at $600 while BNB may give targets of $840 to the higher side.
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