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 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.
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.
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