On April 21, at 14:00 UTC, Kraken exchange is set to list BNB on its crypto exchange platform. As a result, Binance coin (BNB) is gaining strong momentum as anticipations are building around the corner. This strategic move is triggering BNB’s visibility and trading volume by opening access to a broader user base. Currently, Binance coin (BNB) is trading at $608, BNB price has seen a 1.84% rise in the past 24 hours. This listing could mark a significant step for BNB amidst recent regulatory challenges faced by Binance. Analysts predict this increased exposure could trigger the BNB price towards $700 in the future. That is, as the excitement sparks around investors, the Kraken listing could serve as a catalyst for bullish momentum in the coming days.
Here, we have provided the analysis of BNB price movement for the past 24 hours to glimpse your knowledge. Let’s dive in.
BNB Recovered From $587 Dip – April 20, 2025
On April 20, 2025, the trading day kicked off with BNB experiencing notable price action. During the initial trading session, BNB began to establish dynamic price fluctuations within the moderate trading range. A Golden Cross on MACD at 03:15 UTC confirmed this uptrend movement within the phase of trading range. However, at 05:10 UTC, BNB encountered an RSI Overbought condition, indicating the possible trend reversal. Likely, at 05:50 UTC, a Death Cross on MACD indicated a possible downtrend. As a result, at 08:45 UTC, BNB resisted and began to move on the downside. At 10:40 UTC, it broke the support at $591.32, breached a breakout, and began to decline further.
Subsequently, at 11:30 UTC, BNB found support at $588.96, pulled back, and reached $592.26. A Golden Cross on MACD at 12:05 reaffirmed this uptrend. But at 12:30 UTC, a pin bar, followed by a full-body red candle, signaled a resistance at $592.26, BNB began to fall and dropped to $587. At 16:05 UTC, BNB found support at $587, began to move up, broke the resistance at $592.26, breached a breakout, and closed at $592.80.
BNB Skyrockets $608 – April 21, 2025
As illustrated in Chart 1, following the preceding day’s uptime, on April 21, 2025, BNB’s early trading day began to move on the upside and reached $602. At 00:30, BNB encountered an RSI Overbought situation, indicating a trend reversal. Likely, at 02:05 UTC, a Death Cross on MACD signaled a potential downtrend. As expected at 02:20 UTC, BNB resisted at $602 and experienced a shortfall.
Subsequently, at 02:40 UTC, BNB found support at $598.96, moved in an upward channel, and reached the top price of the day at $608. At this point, BNB resisted at 06:10 UTC, breached a breakout, and experienced a sharp price decline. A Death Cross on MACD at 08:40 UTC, reaffirming this downtrend.
BNB’s Possible Scenario: Bear or Bull Momentum?
Based on the price analysis of BNB, it is clear that BNB is establishing an upward price trajectory, signaling a strong bullish sentiment. Currently, BNB price action is eyeing to break of the support at $598.96. If it breaches a breakout, it could potentially encounter a bearish wave. If it sustains and moves upward, it could break the resistance at $608 and hit a new price range.
As Binance coin (BNB) is set to go live on Kraken Exchange, it sparks excitement among investors and traders. But before investing in any crypto asset, do market research and know its potential risks and rewards!
Source: Coinfomania / Digpu NewsTex