Crypto Analysis

Binance Coin (BNB) Rallies 10% While BTC and ETH Struggle

Binance Coin (BNB) surged more than 10% and broke the $10.60 resistance against the US Dollar. BNB is currently nicely in an uptrend, whereas bitcoin, Ethereum, ripple and litecoin are facing many hurdles.

Key Talking Points

  • Binance coin gained traction recently and broke the $10.40 and $10.60 resistances against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $10.80 on the 4-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
  • BNB price is placed nicely in an uptrend and it could accelerate above the $11.30 resistance.

Binance Coin Price Analysis (BNB to USD)

This week, there was a downside correction in bitcoin, ripple, Ethereum, litecoin, bitcoin cash, eos and other cryptocurrencies. However, Binance coin (BNB) gained bullish momentum after it broke the $10.00 resistance level.

Binance Coin (BNB) Price Chart Analysis

Looking at the chart, the price formed a solid support base near the $9.50 level. It started an upside move above the $9.80 resistance and broke a contracting triangle to start a significant rally.

It climbed above the $10.20 resistance and the 100 simple moving average (4-hours). More importantly, there was a break above the 61.8% Fib retracement level of the last decline from the $11.37 high to $9.47 low.

Moreover, there was a break above a major bearish trend line with resistance at $10.80 on the 4-hours chart of BNB/USD. It opened the doors for more gains above the $11.00 barrier and the 76.4% Fib retracement level of the last decline from the $11.37 high to $9.47 low.

The current price action is positive and it seems like the price could even break the $11.30 and $11.35 resistance levels. The next stop could be the $11.80 level and the 1.236 Fib extension level of the last decline from the $11.37 high to $9.47 low.

Overall, binance coin price is placed nicely in an uptrend and it could accelerate above the $11.30 resistance. If there is a downside correction, BNB price might find buyers near the $10.80 and $10.60 support levels.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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