Binance Coin (BNB) made a nice upward move and traded above the $7.50 resistance. More gains are possible in BNB, while bitcoin, Ethereum, ripple and litecoin remain under pressure.
Key Talking Points
- Binance coin started a solid upward move and traded above the $6.50 and $7.00 resistances against the US Dollar.
- There is a major bullish trend line formed with support at $7.50 on the 4-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
- BNB remains well supported on the downside and it could even trade past the $8.00 resistance.
Binance Coin Price Analysis (BNB to USD)
Recently, there were heavy losses noted in bitcoin, Ethereum, ripple, eos and other cryptocurrencies. However, binance coin remained in a positive and BNB rallied above the $6.50 and $7.00 resistance levels.
Looking at the chart, the price formed a solid support above the $6.00 level. Later, it started a strong upward move and broke the $6.50 and $7.00 resistance levels. There was also a close above the $7.00 resistance and the 100 simple moving average (4-hours).
Buyers even managed to push the price above the $8.00 level and new monthly high was formed at $8.06. Later, there was a downside correction and the price declined below the $8.00 and $7.75 support levels.
There was a break below the 23.6% Fib retracement level of the last wave from the $6.68 low to $8.06 high. However, there was a strong buying interest near the $7.40 and $7.50 support levels.
The price also traded close to the 50% Fib retracement level of the last wave from the $6.68 low to $8.06 high. Moreover, there is a major bullish trend line formed with support at $7.50 on the 4-hours chart of BNB/USD.
Therefore, binance coin remains supported on dips near the $7.50 level, below which it could trade towards the $7.00 support level. On the upside, an initial resistance is at $7.90 and $8.00, above which it could trade towards the $8.50 level, despite bearish moves in bitcoin, Ethereum, ripple, eos, litecoin and other altcoins.
The market data is provided by TradingView.
