Since dropping to a 2022 depression at $6.34 on March 13, Binance Coin (BNB) has been on an absolute tear, gaining 151.48% to attain a 4-calendar week loftier at $15.93. Different Chainlink (LINK), the recovery has been ho-hum and steady as BNB flipped systematically flipped multiple resistance levels to support.

Aside from the potent oversold bounce that saw many cryptocurrencies snatch back the bulk of their March thirteen losses, news that Binance commutation will host an IEO for Cartesi starting April 21 could be partially responsible for the virtually recent leg of the pump to $fifteen.93.

Many Binance IEOs require investors to utilize BNB to participate and then this along with the hype building up around the event could be fueling BNB purchases.

Crypto marketplace daily performance. Source: Coin360

On the daily timeframe, i can see that the current progression took identify on multiple days of stiff purchase volume. Currently the relative strength alphabetize is at threescore, projecting higher into bullish territory, and the Chaikin Coin Flow shows buyers remain interested in BNB.

BNB USDT daily chart. Source: TradingView

The price found resistance at the 61.8% Fibonacci retracement level ($xv.87) which is to be expected afterward such an impressive run merely at that place is also support at $fifteen.33 where at that place is a high volume VPVR node.

Below this level there is as well support at $15 and if a deeper pullback ensued traders volition look to $14.06, a point which is aligned with the fifty% Fibonacci retracement level. A drop below the l% Fib level would also pause through the rising wedge support but the VPVR shows buying interest at $12.23.

One could also argue that on the daily timeframe BNB is trading within a ascent wedge with a target at $xix.45 and $22. Given that the 61.8% Fib level is acting as resistance, a likely short-term scenario is a retest of $14.50, followed by a successful push button above $fifteen.87 (61.8%) to $17.22 then a breakout to the targets mentioned earlier.

Basically, all the supports are lined up with the Fib levels and so traders should mind trading volume and the pattern of college lows.

BNB/BTC

BTC BTC daily chart. Source: TradingView

In its Bitcoin (BTC) pair, BNB has rallied 35.88% off its March 13 bottom at 0.0016671 Satoshis and currently the gear up looks flavory. Later reaching a four-week high at 0.0023029 sats  BNB pulled back to the 61.8% Fib level at 0.0022557 sats, but surging buy volume suggests bulls have lilliputian intention of slowing down.

The daily timeframe shows a strong surge in momentum on the MACD histogram and the relative force index is steadily pushing above 70. Should BNB price push above 0.0023289 sats then 0.0026273 sats is the next target.

BTC BTC 4-hr chart. Source: TradingView

While the BNB/BTC pair looks tasty on the daily timeframe, there are a few notes of caution presented by the four-hr chart. Should BNB lose the 61.8% Fib level every bit support and fall below 0.0022328 sats, in that location is a book gap on the VPVR from 0.0022328 sats to 0.0020809 sats a vi.63% drib.

Given that the 4-hr RSI is overbought and the MACD is at its highest level since February, a pullback to the 50% Fib level and perchance the 0.0020642 sats back up at the ascending trendline could occur over the curt term.

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