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Technical Analysis for BNBUSD for 3rd November 2021

Binance Coin Price Breaks above Q3 Highs, is BNB Heading Back to $700?

The Binance Smart Chain (BSC) DeFi TVL is recovering at over $19.5 billion when writing. The growth of DeFi and NFT on the blockchain would directly support BNB prices.

Past Performance of BNB

The BNB price is trading within a bullish breakout pattern, reading from CryptoAltum feeds on the daily chart. 

Visible, BNB/USDT shook off bearish attempts in late October to print higher, breaking above the psychological round number at $500.

What to Expect of BNB

The crypto market is vibrant. 

With the rising tide and interest in layer-1 blockchains, capital may flow to BNB, driving prices higher. 

In that regard, the odds of BNB/USDT roaring back to all-time highs above $700 remain high. 

Based on the BNB/USDT candlestick arrangement, the primary support is at $500. Meanwhile, aggressive, optimistic buyers expect a retest of $700.

BNB Technical Analysis

The path of least resistance appears to be defined. 

BNB/USDT is trading within a bullish breakout pattern with decent trading volumes suggesting participation from traders. 

As BNB bull bars align along the upper BB to signal strength and growing momentum, traders may find entries to double down in lower time frames. 

The medium-term target for swing traders would be at all-time highs at $700. 

However, if BNB advances are unexpectedly capped, a dump below $500 would cancel the bullish outlook.

Resistance level and buy target to watch: $700

Support level to watch: $500

Disclaimer: Opinions expressed are not investment advice. Do your research.

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