Key Support level: $516
Key Resistance level: $600; 692
BNB rallied over 10% today and broke the $600 level before being pushed back by the bears. The momentum remains very strong for BNB, and a test of the all-time high at $692 becomes more likely every day.
This surge follows a major break from the blue pennant, which was successfully tested as support. With a clear path higher, BNB is expected to be a top performer in the current bull market.
Technical Indicators of SHIB Price
Trading Volume: Strong volume sustained the price increase on this rally, and there are no signs of weakness yet. BNB might be able to continue higher before any significant pullback.
RSI: The RSI just broke above 70 points on the daily timeframe. There is still plenty of room higher. Once the RSI reaches 80 points, it is time to become careful since this is an area where the price reversed in the past.
MACD: Strong bullish momentum on the MACD moving averages and histogram. The daily timeframe gives a strong bullish signal. The 4-hour timeframe is also bullish on MACD, showing BNB has considerable strength in this rally.
The current bias is bullish. BNB is the third-largest cryptocurrency by market capitalization, just under Ethereum, and has the largest cryptocurrency exchange in the world behind it. A bullish market will only benefit BNB, and its price can showcase this.
Short-Term Prediction for SHIB Price
The resistance at $600 may postpone the push higher for a bit, but it seems unlikely for this to last too long. The momentum is clearly on the side of the bulls, and a test of the all-time high could take place at any time as it’s only about 15% away.
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Cryptocurrency charts by TradingView.