BNB Rises: Is a New All-Time High on the Horizon?

BNB/USD  recovered sharply more than $40 following the footsteps of BTC.  It hits an intraday high of $652 and is currently trading around $645.17.

Short term trend remains bullish as long as support $598 holds. It trades below  the 55 and 34, above 200 and 365  EMA on the daily chart. Near-term support  is around $628 (200- EMA) , any close below targets $598/$570/$520.  If the pair closes below $500, potentially leading to further declines towards $400.

Immediate Resistance is at $660.Any breakout above this resistance confirms bullish momentum and a jump to could suggest bullish momentum, with further gains possible towards $669/$680/$730/$800/$1000. Near-term resistance is around  $680.

Indicators (daily Chart)

1. Directional Movement Index: Bearish
2. CCI (50):  Bearish

Trading Strategy

It is good to buy on dips around $625 with a stop-loss set at $595 and a target price of $800/$1000.