Binance coin price is up over 5% and it broke the $23.00 resistance against the USDT. BNB is likely to continue higher and it could even surpass $24.00 and $25.00.
- Binance coin price is gaining bullish momentum above the $22.50 resistance against the USDT.
- The price is approaching a major hurdle near the $23.80 and $24.00 resistance levels.
- There was a break above a major bearish trend line with resistance near $22.25 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
- Bitcoin start a fresh increase above $11,500 if BNB rallies further above $24.00.
Binance Coin Price Rising Steadily
After retesting the $21.00 support level, binance coin started a fresh increase. BNB price traded as low as $20.99 and recently climbed above the $21.50 and $22.00 resistance levels.
The upward move was such that the price even surpassed the $22.50 resistance and the 100 simple moving average (4-hours). More importantly, there was a break above a major bearish trend line with resistance near $22.25 on the 4-hours chart of the BNB/USDT pair.
The price is up over 5% and it traded as high as $23.59. It is currently consolidating gains and trading near the $23.15 level. An initial support is near the $23.00 level or the 23.6% Fib retracement level of the recent increase from the $20.99 low to $23.59 high.
Binance coin price trades above $23.00. Source: TradingView.com
The first major support is near the recent breakout zone at $22.50 and the 100 simple moving average (4-hours). The 50% Fib retracement level of the recent increase from the $20.99 low to $23.59 high is also near the $22.29 level.
On the upside, the price is facing a major hurdle near the $23.80 and $24.00 resistance levels. A successful break above the $24.00 resistance could open the doors for a push towards the $25.00 level.
Dips Supported in BNB
If BNB fails to clear the $23.80 and $24.00 resistance levels, it could start a downside correction. An initial support is seen near the $22.50 level (a multi-touch zone).
The main support is near the 100 SMA and $22.20. Any further losses may perhaps push the price back towards the range support zone at $21.00 in the near term.
Technical Indicators
4-Hours MACD – The MACD for BNB/USDT is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well above the 60 level.
Major Support Levels – $23.00, $22.50 and $22.20.
Major Resistance Levels – $23.80, $24.00 and $25.00.
by Aayush Jindal on August 28, 2020 at 01:18PM
Comments
Post a Comment