BNB Price Secures Above Support as Bulls Target $1,141

Technically, the recent correction followed a striking rise in the first week of this month, when BNB surged from just below $950 to nearly $1,130. The correction thereafter was expected to be a natural correction. It provides the market with a breathing space before its subsequent directional push. “BNB is displaying healthy consolidation following a significant run-up,” according to crypto analyst Marco Diaz. “If bulls can keep the push through $1,050, the next target is around $1,141, which is a significant resistance area and breakout point.” The $1,141 area came into focus among traders. The area not only represents a near-term resistance, but a successful break above this line can pave the way towards a further rise towards $1,200 and beyond. There is no change in momentum indicators such as the Relative Strength Index (RSI). The moving average terminal divergence (MACD) is flashing early signs of bullish momentum. It also suggests the possibility of a fresh rally. “BNB is consolidating within a bullish formation,” said technical analyst Sarah Lin. “A close above $1,141 daily would validate bullish continuation and may quickly push the token to new yearly highs.”