After validating the previous breakout level, Binance Coin (BNB) hit a new all-time high on February 2, 2022.
While the trend is clearly bullish for the Binance Coin-USD pair, it is not yet clear whether BNB/BTC has initiated an upside reversal.
Binance Coin Breakout Hits All-Time High
Although BNB has been moving up since March 13, 2022, it failed to clear its all-time high of resistance at $38 through January 2022.
BNB validated the $38 level as support, before resuming the upward movement.
So far, BNB has hit an all-time high of $52.53 on February 2.
Technical indicators in the weekly time frame are bullish, supporting the continuation of the upward movement.
Reading from the daily time-frame support allows for this possibility, suggesting some retest of the $38 area. This has also been combined with a hidden bullish divergence in the RSI.
MACD is also moving up, and the Stochastic oscillator is very close to making a bullish cross. This seems to indicate that the trend is bullish and BNB is expected to continue moving higher.