Binance Coin’s rise and rise has been nothing short of stunning these past few months. Setting all-time highs in the midst of a bear market illustrated that the token’s extremely strong fundamentals were playing a significant contribution to its impressive surge.
The key $33.58 weekly resistance level where candle bodies have failed to close above now holds the key to a potential surge to all-time highs of $38.65. Since the price hit that high on 26th May, we have had a descending trendline that has been respected.
However, we have seen a breakout (as illustrated on the 4H chart above), and the price has once again been drawn to the $33.58 level and is currently retesting. If we can see a daily close above this level, we would be looking at the current high of $38.65. After this. it is highly likely that $40 will be seen very quickly. If upside momentum isn’t maintained, the trendline will look to act as support.