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.
The market data is provided by TradingView.
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