StyleKandi
Binance Coin (BNB)

Charted: Binance Coin (BNB) Rally Reaches Crucial Juncture, Why It Could Test $40

Binance coin worth is up over 7% and it’s outperforming bitcoin in opposition to the USDT. BNB may rally additional if it clears the $35.50 resistance zone within the close to time period.

  • Binance coin worth is gaining bullish momentum above the $32.00 resistance in opposition to the USDT.
  • The worth is testing a significant hurdle close to $35.50 and the earlier swing excessive.
  • There was a break above a vital bearish development line with resistance close to $28.00 on the 4-hours chart of the BNB/USDT pair (information supply from Binance).
  • Bitcoin worth is consolidating above $23,000 and it may proceed to rise.

Binance Coin Price Showing Positive Signs

In the previous few days, bitcoin, Ethereum, ripple, and binance coin began a pointy improve. BNB worth shaped a assist base close to $26.60 earlier than beginning a robust improve.

There was a break above a vital bearish development line with resistance close to $28.00 on the 4-hours chart of the BNB/USDT pair. The pair gained tempo above the $30.00 degree and the 100 easy shifting common (4-hours). There was additionally a break above the 61.8% Fib retracement degree of the downward transfer from the $35.49 excessive to $26.67 low.

Read More:  BCH Collectibles: RPG Blockchain Game Built on Bitcoin Cash Completes Flipstarter Campaign

BNB is now buying and selling above the $35.00 degree, with a bullish angle. It is now testing a significant resistance close to $35.50 and the earlier swing excessive.

Source: BNBUSDT on TradingView.com

If there’s a clear break above the $35.50 resistance, there may very well be a pointy improve. The subsequent main resistance is close to the $37.50 degree. It is near the 1.236 Fib extension degree of the downward transfer from the $35.49 excessive to $26.67 low.

The subsequent main cease for the bulls may very well be close to the $40.00 degree. Any extra upsides is likely to be restricted within the quick time period except bitcoin clears the $25,000 degree.

Dips Supported in BNB

If BNB fails to clear the $35.50 and $35.60 resistance ranges, it may begin a draw back correction. An preliminary assist is close to the $34.50 degree.

The first main assist is close to the $32.00 degree, under which the worth would possibly lengthen its decline. In the acknowledged case, the worth may revisit the $30.00 assist zone.

Read More:  OneSwap ONES ITO Goes Live on CoinEx

Technical Indicators

4-Hours MACD – The MACD for BNB/USDT is gaining momentum within the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is presently properly above the 50 degree.

Major Support Levels – $34.50, $32.50 and $32.00.

Major Resistance Levels – $35.50, $37.50 and $40.00.

EditorialTeam

Add comment