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Binance Coin (BNB) Price Correction Likely Over, Should You Buy?

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Binance coin price corrected sharply after trading to a new 2019 high near $25.80. BNB corrected lower towards a crucial support area near $21.40 and it is likely to bounce back.

  • Binance coin corrected below the $23.50 support and tested the key $21.40 support area.
  • There is a major bullish trend line forming with support at $21.50 on the 2-hours chart.
  • BNB price is likely climb higher as long as it is above $21.40 and $20.00.

Binance Coin Price

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Binance Coin Price Analysis (BNB to USD)

This past week, we saw a strong rise in binance coin price above the $20.00, $22.00 and $24.00 resistance levels. BNB price even broke the $25.00 level and traded to a new 2019 high near the $25.80 level before starting a downside correction.

Binance Coin Price Analysis BNB Chart

Click to Enlarge Chart

Looking at the 2-hours chart of BNB/USD, the pair traded as high as $25.83 and recently corrected below the $23.50 support level. The price declined below the 50% Fib retracement level of the last wave from the $18.66 low to $25.83 high.

There was even a close below the $23.00 level and the 25 simple moving average (2-hours). However, the price found a strong buying interest near the $21.40-21.50 support area.

Besides, the 61.8% Fib retracement level of the last wave from the $18.66 low to $25.83 high also prevented additional losses. More importantly, there is a major bullish trend line in place with current support at $21.50 on the same chart.

Therefore, binance coin price could bounce back in the short term towards the $23.00 resistance. The next resistance is near the $23.50 level and the 25 simple moving average (2-hours). Having said that, a close above the $24.00 level and connecting bearish (with current resistance at $24.15) is must for a fresh rally above $25.00.

If there are additional losses similar to Ethereum, ripple, litecoin, bitcoin cash and cardano, BNB could test the next major support near the $20.00-20.20 area (the previous resistance zone). Overall, the price is likely to bounce back as long as it is trading above the $21.40 and $20.20 supports.

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

The post Binance Coin (BNB) Price Correction Likely Over, Should You Buy? appeared first on Blockonomi.

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