Binance Coin (BNB) Surging Above $12 Whereas BTC and ETH Tumble
Binance Coin (BNB) rallied recently above the $12.00 and $12.50 resistances against the US Dollar. BNB is gaining bullish momentum while bitcoin, Ethereum, ripple and litecoin extended losses.
Key Talking Points
Binance coin is outpacing major cryptocurrencies as it rallied above $12.00 against the US Dollar.
There was a break above a crucial bearish trend line with resistance at $11.50 on the 4-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
BNB price broke the last swing high and it could now trade towards $12.80 and $13.00.
Binance Coin Price Analysis (BNB to USD)
In the past few days, we saw a lot of bearish moves in bitcoin, ripple, Ethereum, litecoin, bitcoin cash, eos and other cryptocurrencies. However, Binance coin (BNB) remained in a bullish zone and extended gains above the $12.00 resistance.
Looking at the chart, the price corrected lower recently and tested the $11.00-11.10 support area. A new base was formed and later the price rallied above the $11.50 and $12.00 resistance levels. There was a close above the $12.00 level and the 100 simple moving average (4-hours).
Besides, there was a break above a crucial bearish trend line with resistance at $11.50 on the 4-hours chart of BNB/USD. The pair broke the last swing high at $12.10 and surged above the 1.236 Fib extension level of the last decline from the $12.16 high to $11.08 low.
The price traded to a new yearly high above $12.50 and it seems like the price could continue to move higher in the coming sessions. The next stop for buyers could be $12.80.
The 1.618 Fib extension level of the last decline from the $12.16 high to $11.08 low is near the $12.83 to act as a resistance. The next important resistance is at $13.00, above which the price could test $13.20.
Overall, binance coin is surging higher and it remains in a solid uptrend towards $13.00. If BNB price corrects lower, the previous resistances near the $12.10 and $12.00 levels are likely to act as supports in the near term.