Binance Coin (BNB) investors appear to be having a good day in recent days due to BNB's significant price increase.
Currently BNB has just touched its new high at $ 414 or around Rp. 6 million despite moves in correction.
This appreciation appears to have occurred in a fairly short period of time, giving rise to potential corrections that need to be watched out for.
BNB Touch New Highs
This cryptocurrency is seen reaching new highs on April 7, 2021, Despite being corrected, BNB is becoming a strong crypto at a time when most of the crypto market is fluctuating due to the stagnation of Bitcoin.
BNB itself crossed the previous $ 400 mark yesterday and now has new challenges to overcome.
Previously, BNB itself had experienced a correction which made the majority of analysts worry that the buying impulse was getting saturated.
However, BNB has proven most analysts wrong due to its price which managed to form new highs at this time.
This appreciation appears to be purely technical, and has had little help due to the global publication of the Launchpool for Binance TKO Tokens.
Given that Token on Launchpool generally gets a positive response because many want to become early investors, BNB gets positive sentiment.
This is due to depositing funds on Binance for TKO purchases, which require the use of BNB as a means of payment.
At the moment, no other positive sentiment looks significant in pushing BNB prices up despite this news and the news of risking some new tokens on Binance.
So, given the end of the deposit for the TKO launch on Binance, there is a chance that the impulse to buy will wane.
Potential Correction After Highest Price
BNB price is currently experiencing a correction from its high of around $ 414 towards $ 400 which is most likely a positive opportunity to buy.
From a technical point of view, currently the potential for correction appears to be getting stronger as the price has been in the upper limit of the appreciation line since the end of March 2021.
Since the end of March 2021, BNB has always been moving within this appreciation zone which indicates the potential for correction to continue price appreciation.
The correction itself is needed by BNB so that price appreciation continues to run in a "healthy" manner and is not excessive.
This is necessary so that when the correction occurs, the correction itself does not occur excessively so that the movement is relatively safe.
The RSI and MACD indicators currently show that the price is already in the buy zone which is getting saturated and has the potential to be corrected.
However, as long as the price remains above the MA Cross, it seems that the correction will only take place in a small amount before the appreciation starts again.
Most likely the correction will go to $ 396 to $ 366 which can be used as a potential buying area.
However, if the safety barrier at $ 366 can be broken, the chance for potential appreciation will be smaller once it exits the appreciation zone.
However, with a lot of positive sentiment around BNB and Binance, it seems that the potential for a correction past $ 366 is still very small.
If after correction the BNB manages to go up, the next possible target will be $ 670 in the long term in the 161.8% Fibonacci Extension area.
This correction can be used as an opportunity to make a purchase, where you can take advantage of several exchanges at the best prices.
However, this goal will have a lot of volatility and take a long time.