Binance coin is moving higher and is currently placed nicely above $16.00 against the US Dollar. BNB/USD is approaching a major hurdle near $17.50 where sellers might appear.
Key Talking Points
Binance Coin price started a major upside move from the $13.50 support area against the US Dollar.
There is a major bullish trend line in place with support at $16.50 on the 2-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
The pair may continue to move higher towards a monster resistance area near $17.50.
Binance Coin Price Forecast
There was a solid support base formed near the $13.50 level in Binance coin price against the US Dollar. The BNB/USD pair formed a double bottom pattern around the $13.50 level and started an upside rally.
Looking at the chart, the price gained bullish momentum and broke the $14.00 and $15.00 resistance levels. There was also a close above the $16.00 barrier and the 100 simple moving average (2-hours).
The price even broke the $16.27 swing high to open the gates for more gains in the near term. At the moment, the price is trading near the 1.236 Fib extension level of the last decline from the $16.27 high to $13.51 low.
However, the BNB price is facing a major barrier on the upside around the $17.50 level. The stated level acted as resistance earlier as well and prevented gains towards $18.00.
Should binance coin buyers succeed in breaking the $17.50 resistance, the next hurdle is around the 1.618 Fib extension level of the last decline from the $16.27 high to $13.51 low at $17.97.
On the flip side, if the price fails to move past the $17.50 resistance level, it could correct lower. There is a major bullish trend line in place with support at $16.50 on the 2-hours chart of BNB/USD.
Overall, binance coin price remains well supported on the downside above $16.00, but an upside break above $17.50 won’t be easy in the near term.