Binance Coin (BNB) rallied recently and broke the $10.00 resistance against the US Dollar. BNB price gained traction while bitcoin, Ethereum, ripple and litecoin corrected lower.
Key Talking Points
- Binance coin climbed higher by more than 12% and broke the key $10.00 resistance against the US Dollar.
- There is a key bullish trend line formed with support at $10.40 on the 4-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
- BNB price remains in a strong uptrend and it could accelerate above $11.50 in the near term.
Binance Coin Price Analysis (BNB to USD)
This week, there was a strong rise in bitcoin, ripple, Ethereum, litecoin, bitcoin cash, eos and other cryptocurrencies. Binance coin (BNB) also joined the party recently and rallied above the $9.00 and $10.00 resistance levels.
Looking at the chart, the price formed a crucial breakout pattern below the $10.00 resistance. The price dipped below the $9.00 support, but the $8.50 level acted as a strong support. As a result, there was a fresh upward move and the price climbed above $9.50.
More importantly, there was a break above a major triangle pattern with resistance at $9.25 on the 4-hours chart of BNB/USD. The pair rallied above the $10.00 and $10.50 resistance levels, plus settled well above the 100 simple moving average (4-hours).
The pair even broke the $11.00 level and traded to a new yearly high at $11.33. At the moment, it is consolidating gains above the $10.50 support. It tested the 23.6% Fib retracement level of the last wave from the $9.05 low to $11.33 high.
However, there is a key bullish trend line formed with support at $10.40 on the same chart. Below the trend line, the next support is near $10.20 and the 50% Fib retracement level of the last wave from the $9.05 low to $11.33 high.
Overall, binance coin price remains well supported above $10.20 for more gains. BNB could grab buyers in the short term before a fresh rally above the $11.00, $11.40 and $12.00 resistance levels in the coming session.
The market data is provided by TradingView.