Crypto Analysis

Binance Coin (BNB) Surges 15% While BTC and ETH Corrects Lower

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.

Binance Coin Price Analysis BNB Chart ETH BTC

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.

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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