Crypto Analysis

Binance Coin (BNB) Rallies While Bitcoin, Ethereum, Ripple Declines

Binance Coin Price Analysis BNB Chart

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.

Binance Coin Price Analysis BNB Chart

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.

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: [email protected]
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