Binance Coin (BNB) surged more than 10% and broke the $10.60 resistance against the US Dollar. BNB is currently nicely in an uptrend, whereas bitcoin, Ethereum, ripple and litecoin are facing many hurdles.
Key Talking Points
- Binance coin gained traction recently and broke the $10.40 and $10.60 resistances against the US Dollar.
- There was a break above a major bearish trend line with resistance at $10.80 on the 4-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
- BNB price is placed nicely in an uptrend and it could accelerate above the $11.30 resistance.
Binance Coin Price Analysis (BNB to USD)
This week, there was a downside correction in bitcoin, ripple, Ethereum, litecoin, bitcoin cash, eos and other cryptocurrencies. However, Binance coin (BNB) gained bullish momentum after it broke the $10.00 resistance level.
Looking at the chart, the price formed a solid support base near the $9.50 level. It started an upside move above the $9.80 resistance and broke a contracting triangle to start a significant rally.
It climbed above the $10.20 resistance and the 100 simple moving average (4-hours). More importantly, there was a break above the 61.8% Fib retracement level of the last decline from the $11.37 high to $9.47 low.
Moreover, there was a break above a major bearish trend line with resistance at $10.80 on the 4-hours chart of BNB/USD. It opened the doors for more gains above the $11.00 barrier and the 76.4% Fib retracement level of the last decline from the $11.37 high to $9.47 low.
The current price action is positive and it seems like the price could even break the $11.30 and $11.35 resistance levels. The next stop could be the $11.80 level and the 1.236 Fib extension level of the last decline from the $11.37 high to $9.47 low.
Overall, binance coin price is placed nicely in an uptrend and it could accelerate above the $11.30 resistance. If there is a downside correction, BNB price might find buyers near the $10.80 and $10.60 support levels.
The market data is provided by TradingView.
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