Binance Coin [BNB] Notches ATH As Bulls Worry Potential Correction

Binance Coin [BNB] notched a fresh all-time high just hours before the company went live with its 14th scheduled BNB token burn.

As described in the token’s whitepaper, the crypto exchange, Binance undergoes a burning process where it purchases and destroys BNB worth 20% of the firm’s quarterly profits. The last event took place in October last year.

As the token burn neared, BNB’s price rose substantially and so have the trading volumes. The 11th-largest crypto-asset has been quietly rallying higher and noted weekly gains of nearly 17%.

Over the last 24-hours, however, Binance Coin underwent a mild retracement of 0.64% as it exchanged hands at $45.51. At the time of writing, the token registered a market cap of $6.48 billion and a 24-hour trading volume of $564 million.

Binance Coin [BNB] Daily Chart:

Binance Coin [BNB] underwent a minor downside correction after oscillating between a rising wedge pattern for nearly a month. The downside turned out to be less damaging, as the price bounced back up to rally all the way to a new all-time high.

On the 4-hour chart, BNB price candles were found to be closely following yet another rising wedge. As per convention, this pattern indicates a correction in the coming days.

Binance Coin’s surge to the fresh high prompted MACD’s leading line to shoot up against the signal line above zero indicating a strong bullish phase for the coin. Despite the minor decline, the MACD has managed to hold its fort in the bullish zone.

The Stochastic RSI also underwent a bullish crossover in the positive zone depicting a buying demand following the upside price action.

The RSI was also approaching the overbought zone indicating an increasing buying pressure in the coin market. Furthermore, a reversal in trend unlikely in the short-term.

Binance Coin appears to be safe from bearish pressure in the short-term. In the long-term, however, a correction appears to be imminent. The crypto-asset found support at $44.02, $41.35, $36.01 and $32.12. BNB’s immediate resistance level was found to be at $32.12.