Binance Coin [BNB] Targets $200 After Turning Extremely Parabolic

Binance Coin [BNB] has surpassed crucial levels to skyrocket to an all-time high of $192.4 on the 18th of Feb. This came as the cryptocurrency exchange, Binance saw massive money inflows that have catapulted its price up. It amassed gains of more than 52%

The parabolic bullish run has pushed Binance Coin to the fifth position in the cryptocurrency ladder after its market cap rose to $29 billion. Despite a minor retracement, BNB was still up by 41.03% over the past 24-hours and trading at $185.23.

At the time of writing, the crypto-asset registered a 24-hour trading volume of $7.6 billion.

Binance Coin [BNB] Daily Chart:

As demonstrated by the above daily chart, Binance Coin [BNB] has outperformed its peer cryptocurrencies after an astonishing price rise this week. Notably. the crypto-asset consolidated gains after hitting the first milestone near $130.

During this time, the Bollinger bands noted signs of enveloping the BNB price candles. This period of stagnation was shortly flipped as bulls renewed the pressure resulting in a sharp upward price movement.

At press time, the diverging Bollinger Bands demonstrated a period of price volatility in either direction.

The technicals projected a highly bullish environment for the crypto-asset to book further gains before a reversal in its price.

The green bars of Awesome Oscillator have resumed which essentially signified a shift to the bullish momentum. Further validating the presence of the bulls was the MACD which extended its positive run above zero indicating a strong upside price potential.

The RSI was also in no hurry to fall below the overbought zone as it continued to hover in the region for 18 straight days suggesting the intense buying pressure instead of a profit-booking sentiment.

BNB was is in a price discovery mode and was now aiming to breach the coveted $200 resistance level. The above charts are indicative of strong technicals that are backing up the price action.

However, in the case of a bearish flip, BNB could essentially target its nearest support level of $150.8, as highlighted by Fib Retracement.

However, if the exchange token breaks this level, it could find support at $124 which is an important level to discontinue the streak of losses to other levels such as $88.4 and $73 respectively.