BNB Price Prediction: Only a Break of $511 Will Restore Bullish Bias

The general recovery in the cryptocurrency market, spearheaded by Bitcoin, has allowed the BNB/USDT pair to gain 2.33% on Wednesday. This recovery follows the 9.16% rise that the BNB token experienced on Tuesday. Is this enough to spur bullish BNB price predictions?

The daily charts seem to suggest that there is some room for the BNB/USDT pair to post an additional recovery, given the distance of the descending trendline from the current price. However, this leaves little upside room for prices to tick higher. 

The resistance at 511.3, where the trendline intersects the horizontal plane, is critical. This was the former support that withstood all attempts by sellers to send prices down the hill for at least ten weeks. Bullish BNB price predictions will only become clearer if the bulls uncap this level. 

BNB Price Prediction

The active candle is now testing the resistance at 481.2. A break of this level opens the door towards 511.3. Above this level, additional barriers are seen at 558.1 and 605.0, with a potential pitstop at 32.6.

On the flip side, rejection at 481.2 allows the bears to push prices towards 450.9. Only when this support gives way can 427.6 enter the picture. Additional price targets at 388.3 and 359.4 only become visible if the correction resumes. 

BNB/USDT: Daily Chart

Follow Eno on Twitter.