Binance Coin continues to retain significant buying interest, which is currently pushing the uptrend. This was recently reinforced by comments from the founder of the exchange the Binance Coin, Changpeng Zhao (CZ) in which he tweeted that Binance Coin was not in a dip at the moment.
This tweet, which was made on Wednesday morning, has halted the short-term correction on the coin after it hit new all-time highs earlier in the week. So what does the price picture on the Binance Coin look like?
Technical Outlook for Binance Coin
The 4-hour chart of the BNBUSD pair shows that the price has bounced off the combined support formed by the 357.046 price level and the ascending trendline that connects the price dips from 30 March. This bounce has once more tested the 379.846 support; an action that so far preserves the integrity of that support level. Bears need to see a breakdown of 379.846 for 357.046 to come under threat. However, a breakdown of this support and the ascending trendline sends the BNBUSD pair towards the 334.247 support level, with 314.955 lining up as an additional downside target.
On the other hand, bulls need to see a 1% penetration close above the 379.846 price level to keep price above that price level, and on course to target the 400.01 psychological resistance level. Uncapping of this area brings the existing all-time high at 414.043 into the picture. Only a break of this level pushes Binance Coin into new record territory, and also confirms a resumption of the uptrend.
BNBUSD 4-Hour Chart