Loading

wait a moment

Binance Coin (BNB) Price Analysis: Price Rising, $20 On The Horizon?

bitcoin social trading

Binance coin price extended gains above the $17.50 and $18.00 resistance levels. BNB is following a strong bullish path and it could test the $20.00 handle in the near term.

  • Binance coin formed a base above $17.00 and climbed above the $18.00 resistance.
  • There is a crucial bullish trend line in place with support at $17.40 on the 2-hours chart.
  • BNB price is currently consolidating and dips towards $18.00 and $17.50 remain supported.

Binance Coin Price

Binance Coin Price Analysis (BNB to USD)

The recent upsurge in bitcoin, Ethereum, ripple, EOS and ADA improved the market sentiment. Binance coin also gained traction above the $18.00 resistance and traded to a new monthly high at $18.51.

Binance Coin Price Analysis BNB Chart

Click to Enlarge Chart

Looking at the hourly chart of BNB/USD, the pair corrected this past week and tested the $16.00 support area. Later, it rebounded higher and broke a crucial resistance near the $17.00 resistance level and the 25 simple moving average (2-hours).

Later, there was a short-term consolidation above $17.50 before the price gained bullish momentum. Finally, there was a break above the $17.85 resistance and a contracting triangle with resistance near $17.84 on the same chart.

The price climbed above the $18.00 level and traded to a new monthly high at $18.51. It is currently correcting lower towards the $18.25 level and the 23.6% Fib retracement level of the recent wave from the $17.42 low to $18.51 high.

The next key support is near the $17.85 level (the recent breakout level) and the 61.8% Fib retracement level of the recent wave from the $17.42 low to $18.51 high.

More importantly, there is a crucial bullish trend line in place with support at $17.40 on the same chart. Therefore, if the price corrects lower in the short term, the $17.85 and $17.40 levels are likely to act as strong supports.

To the topside, a break above the $18.50 level is likely to open the doors for more gains above the $19.00 and $19.20 levels. The main target for binance coin buyers could be $20.00 in the coming days. On the downside, BNB is likely to stay above the $17.40 pivot level.

The market data in the USD is calculated by TradingView, Binance.

The post Binance Coin (BNB) Price Analysis: Price Rising, $20 On The Horizon? appeared first on Blockonomi.

start trading binary options