Binance coin price traded above the $20.00 level, but it failed to hold gains. BNB price corrected lower and it is currently consolidating near the $19.00 resistance, preparing for the next break.
- Binance coin traded to a new 2019 high at $20.70 before starting a downside correction.
- There is a crucial bearish trend line in place with resistance at $19.05 on the 2-hours chart.
- BNB price could either break the $19.05 resistance and revisit $20.00, or decline towards $17.40.
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Binance Coin Price Analysis (BNB to USD)
In the last binance coin price prediction, we discussed above a bull-run towards the $20.00 level. BNB did gain momentum along with bitcoin, Ethereum, ripple, litecoin, cardano, bitcoin cash and others. It rallied above the $19.00 level and traded to a new 2019 high at $20.70 before starting a downside correction.
Click to Enlarge Chart
Looking at the 2-hours chart of BNB/USD, the pair climbed higher nicely after it settled above the $17.40 and $18.50 resistance levels. There was a decent upward move above the $20.00 hurdle and a new 2019 was set at $20.70.
Later, the price started a strong downside correction and traded below the $19.00 support and the 25 simple moving average (2-hours). The price even traded below the $18.00 level before bulls protected the $17.20-17.40 pivot area.
A swing low was formed at $17.13 and the binance coin recently corrected above the $18.50 level plus the 50% Fib retracement level of the last drop from the $19.99 high to $17.13 low.
However, there is a strong resistance near the $18.90 level, acting as a hurdle for buyers. It represents the 61.8% Fib retracement level of the last drop from the $19.99 high to $17.13 low. Moreover, there is a crucial bearish trend line in place with resistance at $19.05 on the same chart.
Therefore, the price must clear the $19.00 and $19.05 resistance levels to start a fresh increase. If bulls succeed, the price is likely to revisit the $20.00 resistance area in the near term.
Conversely, if binance coin price fails to surpass the $19.00 resistance area, there could be a fresh decline in BNB towards $17.40 or even $16.80.
The market data in the USD is calculated by TradingView, Binance.
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