Binance coin price found strong support near the $18.50 level and bounced back sharply. BNB price is currently above $22.00 and it looks set for a fresh increase towards $25.00.
- Binance coin found support near $18.50 after a strong downside correction.
- There was a break above a crucial bearish trend line with resistance near $21.82 on the 4-hours chart.
- BNB price is back in a positive zone and it could even revisit the $25.00 resistance area.
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Binance Coin Price Analysis (BNB to USD)
After the crucial security breach, binance coin declined heavily and broke the $22.60 and $20.00 support levels. However, BNB found a strong support near $18.50 (as discussed in the last binance coin price prediction).
Click to Enlarge Chart
Looking at the 4-hours chart of BNB/USD, the pair traded as low as $18.30, but it stayed above the $18.50 support level. More importantly, the recent bounce in bitcoin, Ethereum, bitcoin cash, ripple and litecoin helped BNB in staging a strong comeback.
It jumped above the $20.00 resistance and the 25 simple moving average (4-hours). Besides, it broke the key $21.30 resistance and the 50% Fib retracement level of the last drop from the $25.36 high to $18.30 low.
Finally, there was a break above a crucial bearish trend line with resistance near $21.82 on the same chart. It opened the doors for further upsides and the price is now trading above the $22.50 level.
It tested the 76.4% Fib retracement level of the last drop from the $25.36 high to $18.30 low, and is currently consolidating gains.
In the short term, there could be a short term downward move, but the price is likely to find support near $22.60 or $22.20. On the upside, a clear break above the $23.80 level could set the pace for a push towards the $25.00 and $25.30 resistance levels.
Overall, binance coin is back in a positive zone and the recent rally in BTC is helping BNB in gaining bullish momentum. Therefore, there are high chances of a fresh rise towards $25.00 or even $26.00.
The market data in the USD is calculated by TradingView, Binance.
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